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.

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.

To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, Vernon Wessels

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