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Alembic Pharma picks up 49% equity in Algerian drug firm

Announces entry into the the $3-bn worth Algerian market

BS Reporter  |  Ahmedabad 

Vadodara-based Alembic Pharmaceuticals on Monday announced its entry into the Algerian market by picking up 49 per cent equity in AdwiyaMami SARL Algeria.

Alembic Pharmaceuticals Ltd's 100 per cent subsidiary Alembic Global Holding (AGH) formed a joint venture with AdwiyaMami SARL Algeria by picking up 49 per cent equity in AdwiyaMami for an undisclosed sum. Post conclusion of deal the company will be renamed as Alembic Mami SPA.

AdwiyaMami owns a formulation plant with a capacity of 1.2 billion per annum oral solids. "The plant has been designed and developed by a leading European pharmaceutical company in line with the cGMP requirements.The plant has enough headroom for future expansion," a company release here said adding that the investment in AdwiyaMami will give AGH a quick entry to the attractive Algerian market.

The Algerian drug market is estimated to be around $ 3 billion, with nearly 70 per cent of the market in generics and around 30 per cent with innovator drugs.

Commenting on the development, Pranav Amin, director & president, international business, Alembic Pharmaceuticals said, "This is an exciting market and we are pleased to partner with AdwiyaMami to create value in Algeria."

The company will be jointly run by Alembic &Mami with equal representation from both in the Board. Taghreed AlShunnar, a Jordanian national and professional with an experience over 20 years in the pharma industry has been appointed as the first chief executive officer of the Company. She will be the nominee of Alembic.

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First Published: Mon, October 27 2014. 20:58 IST