Amgen today announced it has completed the acquisition of Istanbul-based Mustafa Nevzat Pharmaceuticals, a privately held Turkish company.
The all-cash transaction, valued at about $700 million, significantly expands the Thousand Oaks’ based company’s presence in Turkey and the surrounding region, which includes several fast-growing, priority markets for Amgen, the company said.
The acquisition was initially announced on April 25 and is part of a broader international expansion strategy.
The deal follows another announced in April to buy KAI Pharmaceuticals, which has a hyperparathyroidism drug in development. In March, Amgen completed its $1.16 billion acquisition of Micromet Inc., expanding Amgen’s oncology offerings.
Unlike those two deals, analysts said the MN acquisition is geared at expanding Amgen’s presence in emerging markets.