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JUNE 2012

Legal Transactions

87

aMGEn to acQUIRE MUStaFa nEVZat, a LEadInG PRIVatELY

HELd tURKISH PHaRMacEUtIcaL coMPanY

amgen (naSdaQ:aMGn), the world's largest biotechnology company, and Mustafa nevzat Pharmaceuticals (Mn) recently announced an agreement under which amgen will acquire 95.6 percent of shares in Mn, a privately held turkish pharmaceutical company, for an amount that values Mn at US $700 million. the all-cash transaction will significantly expand amgen's presence in turkey and the surrounding region, which are large, fast-growing, priority markets for amgen.

"Amgen is dedicated to making our innovative medicines available to patients in major markets around the world," said Robert A. Bradway, president and chief operating officer at Amgen. "Together with MN's staff and management team, we plan to grow our business with high quality and innovative medicines in Turkeyand the surrounding region."

With a heritage of nearly 90 years, MN is the leading supplier of pharmaceuticals to the hospital sector and a major supplier of injectable medicines in Turkey. It also has a successful and fast growing export business. MN had revenues of approximately US $200 million in 2011 and has grown on average at double-digit rates in local currency over the past five years. LM

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notIon caPItaL REacHES FIRSt cLoSE FoR FUnd 2

notion capital in april announced a $100m first close for notion capital Fund 2, its second fund focussed on emerging cloud computing and Software-as-a-Service (SaaS) companies in the UK and across Europe. total fund size will be up to $150m at its final close, expected in the next few months.

From its first fund, Notion Capital has already invested almost $50m in 10 high-growth companies with demonstrable value creation across the portfolio, which includes some of Europe’s most exciting and fastest growing companies such as Brightpearl, eSellerPro, NewVoiceMedia, Star and Tradeshift. Star now has $80m in revenues and is profitable and Tradeshift recently completed a new funding round valuing the business at $137m having only been operating for two years.

Osborne Clarke were legal advisers to Notion Capital’s management team on this deal. Paul Anning, Head of Osborne Clarke’s Financial Institutions Group led the team advising Notion Capital. Osborne Clarke's funds team has many years' experience of advising on fund formation, transactions, operational matters and regulatory issues. The team's clients include both long-established funds and first time fund promoters, as well as institutional investors.

Paul commented: “This was the first time that both UK and European bodies supporting and investing in enterprise and innovation - the Enterprise Capital Fund and the European Investment Fund – have invested in the same fund. This lead to detailed negotiations, deviation from the template ECF LPA and additional documentation. We also helped structure and put in place all of Notion’s management vehicles, including carried interest.” LM

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www.lawyer-monthly.com

MN Pharmaceuticals

Notion Capital

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