Valeant Pharmaceuticals acquires Egyptian firm Amoun Pharma for $800 mn

Canada-based Valeant Pharmaceuticals International Inc on July 17, 2015 entered into a definitive agreement to acquire Mercury (Cayman) Holdings, the holding company of Amoun Pharmaceutical, for consideration of approximately $ 800 million, plus contingent payments.
 
Amoun Pharmaceutical is the largest domestic company in the Egyptian pharmaceutical market and currently expects to reach EGP 1.75 billion by 2015, with annual growth of approximately 20 percent. Amoun operates a large, state-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 anti-hypertensives, broad spectrum antibiotics and anti-diarrheals.    
 
Valeant aims to use Amoun as a platform for further expansion in the broader Middle East and North Africa pharmaceutical market and expects the transaction to close in the third quarter, subject to customary closing conditions.