Amgen Inc. has completed its acquisition of Turkish generic drug maker Mustafa Nevzat Pharmaceuticals.
The Thousand Oaks biotech said late Tuesday that it acquired more than 99 percent of the Istanbul company – more than originally anticipated when the $700 million cash deal was announced in April. Mustafa, also known as MN Pharmaceuticals, is a leading supplier of drugs, including injectable medicines, to hospitals and other customers in Turkey.
The private company had revenue of about $200 million last year, and has grown on average 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.
Amgen shares closed up 85 cents, or 1.3 percent, to $68.64 on the Nasdaq prior to the announcement.