Metric, Davidson Kempner Said to Weigh Turkish Drugmaker Exit

(Bloomberg) -- A consortium of investors including Metric Capital Partners and Davidson Kempner Capital Management are planning to sell their minority stake in a Turkish drugmaker just over a year after they bought it.

The group has hired two international investment banks to manage the sale, according to people familiar with the matter, who asked not to be identified because the plan is private. The Istanbul-based company, which was formally known as Sanovel Ilac Sanayi ve Ticaret AS, is expected to reach a valuation of close to $1 billion, up from $667 million when the investors bought their stake in January last year, the people said.

Interested parties from the Persian Gulf, Asia and Europe have held initial talks to buy the stake in the maker of anti-inflammatory, anti-asthmatic and antibiotic medication but no formal bids have yet emerged. The consortium, which also includes Istanbul-based Afendis Capital Partners, bought their holding for $200 million via Yamma Investments Sarl, a special purpose vehicle.

Ahmet and Zafer Toksoz, two brothers from the founding family, who control 70% of the company, may also consider selling their stake if the price is high enough, the people said.

Representatives for Sanovel, Metric Capital, Davidson Kempner and Afendis declined to comment.

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