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    • Yamma buys $200-mln...

    Yamma buys $200-mln minority stake in Turkish drug maker Sanovel

    Medical Dialogues BureauWritten by Medical Dialogues Bureau Published On 30 Jan 2020 10:45 AM  |  Updated On 30 Jan 2020 10:45 AM
    Yamma buys $200-mln minority stake in Turkish drug maker Sanovel

    Istanbul: Luxembourg-based Yamma Investments agreed to buy a 30% stake in Turkish generic drug maker Sanovel for $200 million, the target company's parent Toksoz Group said in a statement on Tuesday.

    The sale of the minority stake would allow spending on research and development of new products and investments for exports, Toksoz said.

    In November, Reuters reported that foreign firms including Metric Capital Partners and Morgan Stanley, the Wall Street bank, were in talks to buy a minority stake in Sanovel.

    Yamma Investments, a special purpose vehicle, includes London-based Metric, Morgan Stanley and a group of local Turkish investors, according to a source with the knowledge of the matter.

    Read also: Biocon Biologics gets Rs 536 crore investment from True North Fund

    Sanovel produces some 300 million individual boxes of medicine annually, according to its website. It operates in Georgia, Azerbaijan, Russia, Iraq and other countries in the region, and in recent years began exporting to Spain and Italy.

    The company is among the top 20 that produces medicine in line with international standards in Turkey, according to the Pharmaceutical Manufacturers Association of Turkey.

    Read also: Japanese financial group MUFG sells 2.10pc shares in Cipla

    Source : Reuters

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    Medical Dialogues Bureau
    Medical Dialogues Bureau

      Medical Dialogues Bureau consists of a team of passionate medical/scientific writers, led by doctors and healthcare researchers.  Our team efforts to bring you updated and timely news about the important happenings of the medical and healthcare sector. Our editorial team can be reached at editorial@medicaldialogues.in. Check out more about our bureau/team here

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