Commercial Gensenta sold to Eczacıbaşı in $135 million deal

Gensenta sold to Eczacıbaşı in $135 million deal

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Amgen will continue its operations in Turkey, serving the region’s patients.

Amgen has sold its majority stake in Gensenta, the oldest Turkish pharmaceutical company for $135 million in an agreement with the Eczacıbaşı Group. Eczacıbaşı has acquired an over 99% stake in Gensenta.

Amgen is based in California but the company has expressed its goal to expand across the U.S. with a budget of $1B for this purpose. Last year the company began work on its $360M packaging facility in Ohio and this year the company has started work on a $550M drug manufacturing facility in North Carolina. Both facilities are expected to start operations in the next 2 years, creating 400 and 335 jobs, respectively.

Amgen stated that it will continue to provide services to patients during this time and operations will remain steady as well.

Eczacıbaşı has cemented its place as a top Turkish healthcare company with this acquisition of Gensenta. The company also founded a  modern pharmaceutical facility, the first of its kind in Turkey.

Gensenta was first established in 1923 as a laboratory, becoming a pharmaceutical company in 1957 by the name of Mustafa Nevzat Pharmaceuticals. It was named Gensenta in 2020 after its acquisition by Amgen.

Gensenta has significant manufacturing capabilities with an 800 member strong staff. The company produces active ingredients such as penicillin as well as finished pharmaceuticals. In fact, the company is the top exporter and producer of lyophilized in Turkey. Eczacıbaşı is expected to utilize this to grow its global reach in the healthcare industry.

The acquisition of Gensenta will be completed upon obtaining the Turkish Competition Authority approval of sale. 

Board member of Eczacıbaşı states that the company would be focusing it energies in providing healthcare to both the local Turkish population but also the global population. Further stating that: “As a company that aspires to being a pioneer of modern, high quality and healthy living, we will expand our healthcare activities both in Turkey and international markets with innovative products and a wide product portfolio in different treatment areas.”

Commenting on the acquisition the company representative explained that this move will enhance the company’s growth by access to a manufacturing plant in Turkey, adding that “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.”

Amgen had been focusing its efforts into the U.S. manufacturing game for some time, with now making a sale of its stake in the overseas Turkish pharma company.

First developed in 1923 in a laboratory, becoming Mustafa Nevzat Pharma in 1957 to being named Gensenta in 2020 by Amgen the company has progressed considerably. The Turkish company has manufacturing facilities located in both Istanbul and Yenibosna. The manufacturing facilities develop an array of drugs ranging from cancer treatments to antibiotics.

Approval for the sale from the Turkish Competition Authority is currently pending and Amgen has assured its patients that during the sale it will continue to provide services to its patients without a disturbance in operations.

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