GSK, Eli Lilly, Pfizer reportedly bid for Turkish MN Pharmaceuticals.
1 February 2012 - Major drug makers GlaxoSmithKline Plc (LON:GSK), Eli Lilly & Co (NYSE:LLY) and Pfizer Inc (NYSE:PFE) are said to be among the interested parties willing to buy a stake in Turkish sector player Mustafa Nevzat Ilac Sanayii AS, or MN Pharmaceuticals, Bloomberg said citing insiders.
A potential deal could value MN Pharmaceuticals at USD1bn (EUR761m), the sources told Bloomberg adding that its owners had reportedly picked BofA Merrill Lynch as their advisor. Other bidders include US Mylan Inc (NASDAQ:MYL) and Abbott Laboratories (NYSE:ABT), the informed people said.
The first round of bidding could finish within two months.
MN Pharmaceuticals is owned by the family of its founder, Mustafa Nevzat Pisak. According to the unnamed sources, the owners are hoping to fetch a price of between 15 and 20 times the company's EBITDA.
None of the involved parties would comment on the report.
The Turkish generic drug producer is the first in the country to get approval from the US Food and Drug Administration (FDA) to commercialise its products in the United States. It books an annual revenue of nearly USD250m in Turkey. MN Pharmaceuticals' portfolio encompasses various drugs including antidepressants, diabetic medicines and antipsychotic agents.Country: , TurkeySector: PharmaceuticalsTarget: Mustafa Nevzat Ilac Sanayii ASBuyer: GlaxoSmithKline Plc, Pfizer Inc, Eli Lilly & CoVendor: Family ownersType: Corporate acquisitionStatus: Bidding
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|Publication:||M & A Navigator|
|Date:||Feb 1, 2012|
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