Amgen sells its Turkish manufacturing arm for $135M
Pharma giant Amgen has decided to sell off its Turkish manufacturing arm for nine figures.
The Eczacıbaşı Group has acquired Gensenta from the California-based pharma. The deal will see Eczacıbaşı pay $135 million for a 99.96% stake in the company. The purchase of Gensenta will be finalized after it gets approval from the Turkish Competition Authority.
According to Eczacıbaşı, Amgen Turkey will continue to keep its operations running and serve its customers.
“This acquisition fuels our growth by adding local production capabilities in pharmaceuticals, biosimilar products, and active ingredients to our investment portfolio as well as export competency,” said Bülent Eczacıbaşı, the chairperson at Eczacıbaşı Holding, in a statement.
Eczacıbaşı is a Turkish industrial group that owns 46 companies and is also the founder of Turkey’s first modern pharmaceutical manufacturing plant in 1952. Their manufacturing arm includes the making of original drugs and non-prescription products.
The deal to sell Gensenta is a major one for Turkey as the nation’s oldest pharmaceutical company. Gensenta was founded as a laboratory in 1923 and incorporated as Mustafa Nevzat Pharmaceuticals in 1957. The company was acquired by Amgen in 2012 and in 2020 was renamed Gensenta.
Gensenta is a powerhouse for pharmaceutical export from Turkey and in the manufacturing of APIs and finished dosage forms.
Gensenta has two manufacturing facilities located in Yenibosna, one of the main industrial areas of Istanbul. This includes separate plants for finished dosage forms as well as antibiotics and anti-cancer products, among others.
This deal comes at a time when Amgen is putting more of its manufacturing capabilities in the United States, especially in North Carolina, as it broke ground in March on a $550 million drug substance plant.
For Turkey, a report from the USTR in March said that stakeholders raised concerns regarding the country’s pharmaceutical manufacturing inspection process and urged Turkey to build upon its accession to the Pharmaceutical Inspection Convention and Co-operation Scheme (PIC/S) and to recognize GMP certificates issued by any of the PIC/S members to improve regulatory timelines.