18 Jul 2015
- Valeant Pharmaceuticals plans to expand its reach in the Middle East and North Africa after reaching a deal to buy an Egyptian pharmaceutical company for about US$800 million.
- The Quebec-based company said it has a definite agreement to buy Amoun Pharmaceutical from Mercury (Cayman) Holdings.
The deal includes Amoun’s manufacturing plant, which would add to Valeant’s 40 manufacturing plants around the world.
- Egypt’s pharmaceutical industry is approximnately US$21 billion. This acquisition will help Valeant to have strong foothold in Egypt and other middle east countries.
- Amoun has sales expected to reach about US$223 million this year. It has more than 30 branded products, including those for animal health and the treatment of hypertension, infections and diarrhea.