Valeant intends for Amoun to serve as a platform for further expansion into the broader Middle East and North African pharmaceutical market
Valeant Pharmaceuticals has entered into a definitive agreement under which it will acquire Mercury (Cayman) Holdings, the holding company of Amoun Pharmaceutical, for approximately US$800m, plus contingent payments.
Amoun Pharmaceutical is the largest domestic company in the Egyptian pharmaceutical market and currently expects to reach EGP1.75bn by 2015, with annual growth of approximately 20%.
Amoun operates a lstate-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, and has market leading pharmaceutical brands in therapeutic areas such as antihypertensives, broad spectrum antibiotics and antidiarrhoeals.
Valeant intends for Amoun to serve as a platform for further expansion into the broader Middle East and North African pharmaceutical market and expects the transaction to close in the third quarter, subject to customary closing conditions.