Valeant in $800 million deal for Amoun Pharma
pharmafile | July 20, 2015 | News story | Sales and Marketing | Amoun, Egypt, MENA, Valeant, acquisitions
Valeant is striking out in the acquisitions market yet again, having agreed an $800 million deal to buy Egypt’s largest pharma company, Amoun Pharmaceuticals.
The move sees Valeant continue to build its presence in different sectors and internationally, following its $11 billion purchase of specialty gastrointestinal drug maker Salix Pharmaceuticals earlier this year.
Valeant is one of Canada’s largest companies by market capitalisation, and plans to expand its reach in North Africa and the Middle East buy agreeing to by Amoun Pharma for US$800 million – plus unspecified ‘contingent payments’.
Amoun is the largest domestic company in the Egyptian pharmaceutical market, and currently expects to reach sales of 1.75 billion Egyptian pounds (£144 million) by the end of 2015, with annual growth of approximately 20%.
Amoun operates a large, state-of-the-art manufacturing plant that is considered to be one of the largest and most up-to-date pharmaceutical facilities in Africa and the Middle East. It has market leading brands in anti-hypertensives, broad spectrum antibiotics and anti-diarrhoea drugs.
Valeant is open in its intentions in buying the Egyptian firm – as a “platform for further expansion in the broader Middle East and North Africa pharmaceutical market”, the company says in a statement. It adds that the transaction is expected to close in the third quarter of 2015.
Amoun is the latest in a long string of acquisitions for Valeant under chief executive Michael Pearson, whose strategy is to vault the company into the big leagues of global pharma players. It has also made a move to buy animal health company Zoetis.
Lilian Anekwe
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