Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Bloomberg Customers

Biofarma Says Owners Hire Goldman Sachs for Sale of Stake

Biofarma Pharmaceutical Industry Co.’s owners hired Goldman Sachs Group Inc. to start the process of selling a stake in the Turkish drugmaker, Chief Executive Officer Serdar Sozeri said.

Goldman sent out so-called teasers, or invitation letters, to potential bidders for stock in the Istanbul-based company, which is owned equally by New York-based private-equity firm Rohatyn Group and another buyout investor group that Sozeri, speaking in a phone interview, identified as Spokane while declining to specify other details. He also declined to comment on the size of any holding that might be offered.

Citi Venture Capital International, a unit of Citigroup Inc. that was sold to Rohatyn Group last year, and Partners in Life Sciences bought Biofarma, a generic producer of heart, respiratory and urinary-tract treatments, from its Turkish owners in 2006. A stake was sold to Greek private-equity firm Global Finance in 2007.

An attempt to sell the drugmaker in 2011 failed over price, with a person familiar with the situation at the time estimating the drugmaker was valued at $600 million to $700 million. A spokesman for Rohatyn didn’t immediately return a call seeking comment.

Bayer AG, GlaxoSmithKline Plc, Novartis AG, AstraZeneca Plc and Amgen Inc. are among more than 30 international drugmakers operating in Turkey, a medicines market that expanded 6.5 percent to 15.2 billion liras ($7.2 billion) in 2013, according to the website of the Istanbul-based Pharmaceutical Manufacturers’ Association of Turkey. Biofarma’s revenue in 2010 totaled 160 million liras, according to Istanbul Chamber of Industry figures.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.