Sale of Turkish pharmaceutical company Sanovel may fetch upto $1 bn
03 Jul 2013
Turkish pharmaceutical company Sanovel Ilac Sanayi & Ticaret AS has been put on sale, which may fetch its owners Toksoz Holding AS between $750 million to $1 billion, Bloomberg yesterday reported, citing people with knowledge of the matter.
Toksoz has hired Greenhill & Co, Alpacar Associates and JPMorgan Chase & Co to sell most of Sanovel, and is seeking a valuation of more than $1 billion, said the report, and added that potential buyers may be willing to pay $750 million to $1 billion.
Istanbul-based Sanovel, is among the 10 largest pharmaceutical companies in Turkey and makes anti-inflammatory, anti-asthmatic and antibiotic medications.
The 28 year-old company, which also has an animals' health division with 27 veterinary drugs, had revenues of about $227 million last year.
Overseas pharmaceutical companies have recently shown interest in Turkey in order to tap its nearly $790 billion economy.
US-based Amgen Inc, the world's largest biotechnology company, last year agreed to buy Mustafa Nevzat Pharmaceuticals for around $700 million, (See: Amgen to buy Turkey's Mustafa Nevzat Pharmaceuticals for $700 mn) while French drugmaker Sanofi acquired 75 per cent in generic-drug unit of Eczacibasi.