Valeant to acquire Amoun Pharmaceutical

Valeant Pharmaceuticals International announced in a press release that it has entered into a definitive agreement to purchase Mercury (Cayman) Holdings, the holding company of Amoun Pharmacuetical, for approximately $800 million in addition to contingent payments.

Amoun Pharmacuetical, the largest domestic company in the Egyptian pharmaceutical market with annual growth of 20%, has market-leading pharmaceutical brands in therapeutic areas including anti-hypersensitivities, broad-spectrum antibiotics and anti-diarrheals, the release stated. It operates a manufacturing plant considered to be one of the largest and up-to-date pharmaceutical facilities in Africa and the Middle East, according to the release.

Valeant, which manufactures and markets pharmaceutical products in the areas of dermatology, eye health, neurology and branded generics, intends to use the acquisition to further expand into the Middle East and North Africa pharmaceutical market, the release stated.

The acquisition is expected to be completed in the third quarter of 2015, subject to customary closing conditions, according to the release.

Reference: www.valeant.com