Reuters reported that Biotechnology giant Amgen are set to buy Mustafa Nevzat Pharmaceuticals for almost $700 million to expand in Amgens market share in Turkey, where economic growth is boosting demand for medicines.
Mustafa Nevzat Pharmaceuticals (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. Sales of pharmaceuticals are growing faster in emerging markets than in Europe and the United States, making them attractive to companies like Amgen. Amgen’s focus on Turkey and the surrounding region is part of a broad international expansion strategy,” the company said in the statement.
The deal will give Amgen a platform for its own medicines in the fast-growing region, as well as providing scope to diversify and expand its product range as it loses exclusivity over its existing top-selling medicines.
Robert A. Bradway, president and chief operating officer at Amgen “Amgen is dedicated to making our innovative medicines available to patients in major markets around the world….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.”