Valeant lays out around $800 million for Egyptian drugmaker

17 July 2015

Acquisitive Canadian drugmaker Valeant Pharmaceuticals International (TSX: VRX) has entered into a definitive agreement to buy Egypt-based Amoun Pharmaceutical.

The acquisition cost is around $800 million, plus contingent payments, and would be one of the largest acquisitions of a pharmaceutical company in the Middle East. The deal is expected to complete in the third quarter of this year. It will be Valeant's biggest acquisition since it paid $11.1 billion for Salix Pharmaceuticals in a deal that closed April 1 after a bidding war with Endo International. It also completed a $400 million acquisition of Dendreon in February.

Amoun Pharmaceutical is the largest domestic company in the Egyptian pharmaceutical market and currently expects to reach sales of 1.75 billion Egyptian pounds ($223.5 million) by 2015, with annual growth of about 20%.

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