Date: 2012-04-25
Type of information: Company acquisition
Acquired company: Mustafa Nevzat Pharmaceuticals (Turkey)
Acquiring company: Amgen (USA)
Amount: US $700 million (€ 529.4 million)
Terms: Amgen and Mustafa Nevzat Pharmaceuticals have announced an agreement under which Amgen will acquire 95.6 percent of shares in MN, a privately held Turkish pharmaceutical company, for an amount that values MN at US $700 million. The all-cash transaction will significantly expand Amgen's presence in Turkey and the surrounding region, which are large, fast-growing, priority markets for Amgen. With a heritage of nearly 90 years, MN is the leading supplier of pharmaceuticals to the hospital sector and a major supplier of injectable medicines in Turkey. It also has a successful and fast growing export business. MN had revenues of approximately US $200 million in 2011 and has grown on average at double-digit rates in local currency over the past five years.
The transaction has been approved by the Board of Directors of each company. Completion of the transaction is subject to customary closing conditions, including regulatory approvals. Amgen's focus on Turkey and the surrounding region is part of a broad international expansion strategy for the Company. Amgen established an affiliate in Turkey in 2010 and currently markets two products, with plans to develop its robust pipeline of clinical candidates for the benefit of patients in Turkey, as well as other markets around the world.
Details: On June 12, 2012, Amgen has announced the completion of the acquisition of more than 99 percent of the shares of Mustafa Nevzat Pharmaceuticals, a privately held Turkish company. The all-cash transaction significantly expands Amgen 's presence in Turkey and the surrounding region, which includes several fast-growing, priority markets for Amgen . The acquisition was initially announced on April 25 .
Related: Pharmaceuticals
Hospital
Injectable medicines
