Looking to boost its presence in emerging markets, Amgen Inc. has agreed to acquire Istanbul-based Mustafa Nevzat Pharmaceuticals for about $700 million.
Labeling Turkey and the surrounding region as “large, fast-growing, priority markets,” Amgen said Wednesday that its purchase of MN Pharmaceuticals is part of a broader international expansion for the company.
“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,” Amgen President and COO Robert A. Bradway said in a statement.
Bradway will take over for retiring CEO Kevin Sharer in May.
The acquisition has been approved by the board of directors for both company, but is still subject to regulatory approvals.
Amgen’s deal for a 95.6 percent in MN is just the company’s latest acquisition. Earlier this month, Amgen announced plans to buy KAI Pharmaceuticals, eyeing the company’s secondary hyperparathyroidism drug that is in development. In March, Amgen completed its $1.16 billion acquisition of Micromet Inc. that expands Amgen’s oncology offerings.
Unlike those two deals, the MN acquisition is geared at expanding Amgen’s presence in emerging markets, analyst Eric Schmidt of Cowen & Co. said in an email.