The Emirati “Holding Company – ADQ” announced the signing of a final agreement to acquire “Amoun Pharmaceutical Industries” (Amoun) from the Canadian “Bausch Health” company, in a deal valued at about $ 740 million.
The holding company has a wide portfolio of major companies operating in key sectors within the diversified economy of the emirate of Abu Dhabi, according to a statement issued by the Abu Dhabi Government Media Office, on Wednesday.
In a statement by Bausch Health Canada, the company disclosed the value of the deal, saying it was concluded with a total of approximately $ 740 million.
The Emirati company stated that the vast experience that Amoun possesses in the field of pharmaceuticals and life sciences will provide the “holding” with access to pharmaceutical products that are witnessing an increase in demand for them, accelerate the transfer of knowledge and improve local pharmaceutical manufacturing capabilities.
Bloomberg reported that the shares of the Canadian-based business increased by 2.9% to 31.93$ in New York trading. Bausch Health is helped by this deal to reduce its debt.
About Amoun Pharmaceuticals
The Amoun Pharmaceutical Company S.A.E. (“Amoun”) has a fully-paying capital of 1.4 billion Egyptian Pounds, which is an Egyptian “closed” joint-actions company established in 1998 under the law of the Arab Republic of Egypt.
The core business of Amoun is the development, manufacturing, marketing, sales, and export of a large range of pharmaceutical products and products for humans and animal health.
Amoun is one of the leading Egyptian companies in the field of manufacturing, distributing, and exporting branded human and veterinary medicines.
Amoun employs more than 2,500 employees and owns one of the largest modern pharmaceutical factories in Egypt.
About ADQ Holding
ADQ, which was founded in Abu Dhabi in 2018, is one of the largest direct and indirect investment holding companies in the region in over 90 companies.
The main enterprises of Abu Dhabi’s portfolio include food and agriculture, aviation, financial services, health services, industry, logistics, media, immovable, tourism and hospitality, transport, and utilities.
What Stakeholders Said
Chief Executive Officer Joseph C. Papa said in the statement “The sale of Amoun marks significant progress in our efforts to reduce overall Bausch Health debt as we continue to pursue all opportunities to drive value for our shareholders, including preparing for the spinoff of Bausch & Lomb,”.
Fahad Al-Qassim, Director of Healthcare and Drug Administration at the “Holding” Company, said: “Our investment in Amoun Company will enhance our pharmaceutical strategy towards achieving our goal of ensuring access to vital medicines, reducing their costs and making them accessible to patients, as well as providing new and innovative medicines and treatments that help On improving the lives of community members,” according to a statement from the Abu Dhabi Government Media Office.
Al-Qassem added, “Investing in Amoun reflects our commitment to the joint investment platform with the Egyptian sovereign fund.”
For his part, Dr. Mohamed Salah El-Din Rushdie, Head of Amoun Group in the Middle East, said: “Since its establishment more than 20 years ago, Amoun Company has succeeded in consolidating its position as the largest company in the pharmaceutical industry in Egypt .. and it reaches more than 25 markets around the world.” .
The Abu Dhabi government statement said that investing in “Amoun” consolidates the “Holding” long-term strategy for the health and drug sector and strengthens its capabilities to create an integrated drug system in the United Arab Emirates.