THOUSAND OAKS, Calif. (AP) -- Amgen Inc. is buying Turkish pharmaceutical company Mustafa Nevzat Pharmaceuticals for $700 million as part of its international expansion plans.
Privately held Mustafa supplies pharmaceuticals to the hospital sector and is a major supplier of injectable medicines in Turkey. Its 2011 revenue was about $200 million. Amgen is the world's biggest biotechnology company.
Amgen said Wednesday that the acquisition would broaden its presence in Turkey and nearby areas. Amgen, which is based in Thousand Oaks, Calif., created an affiliate in Turkey in 2010
Both companies' boards have approved the deal.
On Tuesday Amgen reported that its first-quarter profit rose 5 percent as revenue climbed.