1 February 2012 - Pharmaceutical giants GlaxoSmithKline Plc (LON:GSK), Eli Lilly & Co (NYSE:LLY) and Pfizer Inc (NYSE:PFE) are said to be in the race for a stake in Turkish generic drug maker Mustafa Nevzat Ilac Sanayii AS, or MN Pharmaceuticals, Bloomberg said on Tuesday quoting informed people.

According to the unnamed sources, MN Pharmaceuticals could be valued at USD1bn (EUR761m). The company's owners, the family of its founder, Mustafa Nevzat Pisak, are seeking a price of between 15 and 20 times its EBITDA, the sources said on condition of anonymity.

BofA Merrill Lynch is acting as advisor on the sale, whose first round is likely to be completed within two months, the informed people said.

Potential bidders also include US Mylan Inc (NASDAQ:MYL) and Abbott Laboratories (NYSE:ABT).

None of the involved parties provided comment on the report.

MN Pharmaceuticals, with annual sales of about USD250m, is the first Turkish company to receive the US Food and Drug Administration's (FDA) go-ahead to market its products in the United States. MN Pharmaceuticals' portfolio encompasses various drugs including antidepressants, diabetic drugs and antipsychotic agents.

(USD1 = EUR0.761)