Amgen acquires Turkish drugmaker Mustafa Nevzat for $700 million

Global biotech giant Amgen (Nasdaq: AMGN) has reached agreement to acquire 95.6% of Mustafa Nevzat Pharmaceuticals (MN), a privately-held Turkish pharmaceutical company, for an all cash consideration of $700 million. The transaction will significantly expand Amgen's presence in Turkey and the surrounding region, which are large, fast-growing, priority markets for the company.

"Amgen is dedicated to making our innovative medicines available to patients in major markets around the world," said Robert Bradway, president and chief operating officer at Amgen, adding: "Together with MN's staff and management team, we plan to grow our business with high quality and innovative medicines in Turkey and the surrounding region."

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 $200 million in 2011 and has grown on average at double-digit rates in local currency over the past five years, noted Amgen.