Turkish based generic pharmaceutical company Sanovel, was tagged as for sale by Toksoz Holdings, Sanovel's parent company. Price tag for the sale was estimated to be between $500 million to $1 billion.
Toksoz hired Greenhill, a U.S. boutique adviser, along with J.P. Morgan Chase and Istanbul-based Alpacar Associates to scout out potential buyers for Sanovel.
Sanovel, tagged as one of the top 10 pharmaceutical companies based in Turkey, will definitely attract the attention of other industry players. Sanovel is currently preparing for its sale which is set in autumn.
Sanovel manufactures and distributes anti-asthma, anti inflammatory and antibiotic medications and has made a name for itself in the pharmaceutical industry.
The Turkish government is currently aiming to turn Turkey into a top player when it comes to health services by the year 2023. The approach is in research and development by spending at least 3% of the country's gross domestic product.
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