Shareholder of Amoun Pharmaceutical, the leading local drug maker, has finalised a deal with the Canadian Valeant Pharmaceuticals to buy the former for $800 million plus fees.
Amoun is an Egyptian closed Joint-Stock Company established in 1998 with a fully paid-up capital of LE1.4 billion. Amoun’s main business includes development, manufacturing, marketing, distribution, and export of a wide range of human pharmaceutical and animal health products. It sells antibiotics, anti-diarrheals and drugs that fight high blood pressure, among other products.
“Amoun expects sales of LE1.75 billion ($223 million) this year,” Valeant said.
The owners, funds run by Capital Group, Concord International Investments and the Rohatyn Group bought Amoun in 2006 for about $450 million.
Since early 2014, Amoun’s owners had contracted Jeffries Bank then Goldman Sachs to explore options for the company, including a sale and an IPO.
Valeant is seeking to become one of the world’s largest drug companies through deals. While its first in the Middle East, Amoun is Valeant’s fifth acquisition this year. It signed its biggest ever acquisition in March, when it offered $11 billion to buy the American specialized drug maker Salix Pharmaceuticals.
