Toksoz to sell Turkish generic drug maker Sanovel

Sources close to the matter have been quoted by Reuters as saying that Toksoz has employed JP Morgan Chase, Istanbul-based Alpacar Associates and US boutique adviser Greenhill to identify buyers for the company.

Confirming that a bidding process for the sale was yet to commence, the sources added, "The seller is getting prepared now. Sanovel will come to the market in autumn."

Istanbul-based Sanovel is a manufacturer of anti-inflammatory, anti-asthma and antibiotic medications.

In 2012, Turkey’s injectable generic drugs manufacturer Mustafa Nevzat Pharmaceuticals was supposed to be acquired by the US biotech company Amgen for nearly $700m.