ABU DHABI, ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, announced today that it has entered into a definitive agreement to acquire Amoun Pharmaceutical Company S.A.E. (Amoun), one of Egypt’s leading manufacturers, distributors and exporters of branded pharmaceutical and animal health products, from Bausch Health Companies Inc. (Bausch Health).
Amoun has a long-standing reputation for robust pharmaceuticals and life-sciences products, addressing a wide range of acute and chronic conditions and highly prevalent diseases that demand treatment with proven high-quality medications. The company’s flagship products include Hibiotic, Antinal, Alphintern, and Neuroton. Amoun has more than 2,500 employees and owns one of the largest, state-of-the-art pharmaceutical plants in Egypt.
Fahad Al Qassim, Executive Director, Healthcare & Pharma, at ADQ, said, “ADQ aims to develop an integrated healthcare and pharma value chain through strategic investments and new ventures both locally and internationally. Together with our recent pharma manufacturing investments in the UAE and India, our investment in Amoun will further enhance our pharma strategy with the ultimate aim of ensuring access to critical medicines, lowering the cost of medication for the general population and advancing new and innovative treatments that help improve people’s lives. Amoun’s extensive expertise in pharma and life sciences will provide ADQ with access to high demand pharmaceutical products, accelerating knowledge and technology transfer to enhance our local pharma manufacturing capacities.”
He added, “Investing in Amoun further solidifies our commitment to the joint investment platform we established with the Sovereign Fund of Egypt (SFE). Together with SFE, we will work with Amoun’s leadership to expand on the company’s proven track record and market position in the pharma landscape.”
Dr. Mohamed S. Roushdy, President of Amoun Pharmaceutical Company, commented, “Since our inception more than 20 years ago, Amoun has emerged as one of the largest, most well-known pharmaceutical companies in Egypt. Today, we are leaders in manufacturing, marketing and distributing quality pharmaceutical products in more than 25 markets across the globe. We believe that the credibility we have earned over the years with local and regional stakeholders, combined with ADQ’s strong emphasis on sustainable value creation will prove to be a very compelling combination.”
The investment in Amoun further strengthens ADQ’s long-term healthcare and pharma strategy to deliver a fully integrated value chain in the UAE. Across ADQ’s healthcare and pharma portfolio, SEHA is leading healthcare provision efforts and the imminent expansion through Pure Health’s diversified services portfolio of hospital management, laboratory services and medical supplies, to extend its reach across the emirates. In addition, ADQ’s recent acquisition of Pharmax locally, along with its investment in Biocon Biologics, will enable access to a wider range of generics and biosimilars, boosting local production capabilities and optimizing pharmaceutical expenditure.
The transaction will be completed through a mandatory tender offer (MTO) by ADQ for the total issued share capital of Amoun, including the less than 1 per cent held by minority shareholders. The transaction is subject to customary closing conditions, including regulatory approvals.
Source: Emirates News Agency