Dubai – Mubasher: Turkish drugmaker Sanovel Ilac Sanayi ve Ticaret has appointed Barclays to arrange its sale after a deal with the Abraaj Group went south.
The drugmaker's owners, Turkish businessmen Ahmet and Zafer Toksoz, are now considering selling all or part of their Istanbul-based company after failing to reach a deal with Abraaj, Bloomberg reported, citing informed sources as saying.
This is the newest deal going sour after Abraaj announced early last month a restructuring plan following money misuse allegations at its $1 billion healthcare fund.
In December, Bloomberg reported, citing sources, that Abraaj had been considering a minority stake in Turkey's Sanovel.
"A sale is just one option being considered by Sanovel and it’s not certain that a deal will take place," the news agency reported, citing the people as saying.
Sanovel's sale could be "based on an enterprise value of at least $800 million," it added.
One of the top-ten producers of generic drugs in Turkey, Sanovel produces anti-inflammatory, anti-asthmatic and antibiotic medication.
