Amgen Inc. on Wednesday said that it plans to acquire Turkish generic drug maker Mustafa Nevzat Pharmaceuticals for nearly $700 million cash, in a bid to expand its overseas business.

The Thousand Oaks biotech said it will acquire 95.6 percent of Istanbul-based Mustafa, also known as MN Pharmaceuticals, which is considered a leading supplier of pharmaceuticals to hospitals and a major supplier of injectable medicines in Turkey. The private company had revenue of about $200 million in U.S. dollars last year, and on average has grown at double-digit rates over the past five years.

Amgen established an affiliate in Turkey in 2010 as part of a broad international expansion strategy.

"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,” said Chief Operating Officer Robert Bradway in a statement. Bradway will become chief executive next month when Kevin Sharer retires.

Amgen late yesterday reported first-quarter profit that beat Wall Street expectations, with net income up 5 percent to $1.18 billion, and revenue up 9 percent to $4.05 billion.

Shares were up $1.09, or 1.6 percent, to $69.72 in Wednesday midday trading on the Nasdaq.