UPDATE: Sanovel Owner Toksoz Said to Explore Sale of Turkish Drugmaker

Toksoz Holding AS, a Turkish food and pharmaceutical group, is exploring a sale of Sanovel Ilac Sanayi & Ticaret AS, people with knowledge of the matter said. Toksoz is working with Greenhill & Co., Alpacar Associates and JPMorgan Chase & Co. to sell most of closely held drugmaker Sanovel, the people said, asking not to be named because the plans are private. Toksoz is seeking a valuation of more than $1 billion, two of the people said. Potential buyers may be willing to pay $750 million to $1 billion, another person familiar with the matter said. Sanovel, based in Istanbul, makes anti-inflammatory, anti-asthmatic and antibiotic medications as well as veterinary drugs, according to its website. It is among the 10 largest pharmaceutical companies in Turkey, the website says. The company has drawn interest from international drugmakers, and this summer will invite bids from potential bidders, one of the people said. Turkey has been a popular target for pharmaceutical deals in recent years, with companies seeking to tap its $786 billion economy, which grew 2.2 percent last year. Amgen Inc., the world's largest biotechnology company, agreed to buy closely held Mustafa Nevzat Pharmaceuticals for almost $700 million last year. Zentiva NV, a Czech drugmaker bought by Sanofi in 2009, acquired 75 percent of the generic-drug unit of Turkey's Eczacibasi in 2007 and later purchased the rest. Ahmet Toksoz, chairman of Sanovel, didn't immediately reply to phone calls seeking comment. Officials at Greenhill, Alpacar Associates and JPMorgan declined to comment.