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news.Valeant Pharmaceuticals International has entered into a definitive agreement to acquire Mercury (Cayman) Holdings, the holding company of Egyptian drug-maker Amoun Pharmaceutical, for $800m, including contingent payments.
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Amoun is a major company in Egypt’s pharmaceutical sector and owns brands in therapeutic areas such as anti-hypertensives, broad-spectrum antibiotics and anti-diarrheals.
Currently, Amoun expects to reach EGP1.75bn ($223m) by 2015, with annual growth of approximately 20%.
Amoun operates a large manufacturing facility that is considered to be one of the largest and most up-to-date pharmaceutical facilities in Africa and the Middle East.
With the acquisition, Valeant intends to strengthen its presence in the Middle East and North Africa pharmaceutical market.
Subject to customary closing conditions, the transaction is expected to be completed in the third quarter of this year.
Valeant develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, eye health, neurology and branded generics.