U.S. drugmaker Eli Lilly & Co
The talks, which are in an early stage, marks the latest effort by a big Western multinational to tap emerging markets for growth.
The discussions with Indianapolis-based Lilly are currently focused only on a minority interest, the newspaper reported.
A spokesman for Lilly did not immediately comment to the Wall Street Journal, while the paper said a MN representative could not be reached.
Eli Lilly and Mustafa Nevzat were not immediately available for comment to Reuters.
Both Lilly and MN Pharmaceuticals have lined up advisers in advance of a potential deal. Besides a foreign drug company, it is also possible MN could sell a stake to a Middle Eastern sovereign wealth fund, one of the people told the Journal.
A deal with MN Pharmaceuticals would give a foreign drug company access to local distribution, low-cost manufacturing, regulatory expertise and new products. Turkey also could serve as a springboard to fast-growing markets in Asia.
MN Pharmaceuticals, founded in 1923, makes generic drugs such as antibiotics that are injected rather than taken as pills.
(Reporting by Soham Chatterjee in Bangalore; Editing by Matt Driskill)