Turkish injection

For the second April in a row, Amgen Inc. (NASDAQ:AMGN) has dipped into an emerging market via M&A. This time, it is buying Mustafa Nevzat Pharmaceuticals A.S. for a valuation that is 3.5x its 2011 revenue.

The cash deal values the Turkish generic injectable company at $700 million. Last year, Mustafa Nevzat had about $200 million in revenue. It has averaged double digit annual growth in local currency over the past five years...