Biotechnology company Amgen has signed a deal to acquire 95.6% shares of Turkish firm Mustafa Nevzat Pharmaceuticals (MN) for $700 million.

MN is a supplier of pharmaceuticals to the hospital sector and develops injectable medicines in Turkey.

The company had revenues of $200 million in 2011 and has grown at double-digit rates in local currency over the last five years.

Amgen president and COO Robert Bradway said, "Amgen is dedicated to making our innovative medicines available to patients in major markets around the world. Together with MN’s staff and management team, we plan to grow our business with high quality and innovative medicines in Turkey and the surrounding region."

Completion of the transaction, which has been approved by the board of directors of each company, is subject to customary closing conditions, including regulatory approvals.

Amgen established an affiliate in Turkey in 2010 and currently markets two products, with plans to develop its pipeline of clinical candidates for the benefit of patients in the country.