Morgan Stanley among investors buying stake in Turkish drugmaker

(Bloomberg) –Morgan Stanley and a group of investors are close to buying 30% of Turkish drugmaker Sanovel Ilac Sanayi ve Ticaret AS, according to people with knowledge of the matter.

London-based buyout firm Metric Capital Partners LLP is also part of the consortium that will pay almost $200 million for the stake in the producer of anti-inflammatory, anti-asthmatic and antibiotic medication, said the people, asking not to be identified because the information isn’t public.

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Representatives for Sanovel, Morgan Stanley and Metric Capital declined to comment. The deal is due to be signed next week, the people said.

The deal follows a failed attempt by Sanovel’s owners, Turkish businessmen Ahmet Toksoz and Zafer Toksoz, to sell a minority holding to Abraaj Group in 2018. The Dubai-based buyout firm, which once managed about $14 billion as the developing world’s most influential private equity investor, was forced into liquidation after mismanaging investor funds.