Intaj Capital II acquired equity in Orchidia Pharmaceutical Industries.
Orchidia is the sole branded pharmaceutical player specialized in the defensive ophthalmic segment in Egypt. Initially a service provider to multinational companies, Orchidia transformed itself into a full-fledged ophthalmologic player successfully and advantageously competing with multinational companies such as Novartis and commanding the second market share.
Intaj is an investment fund managed by Swicorp, with a specific regional focus on the Middle East, North Africa and Turkey.
Immediate moves include the aggressive launch of selected new products within the company's pipeline as well as the launch of international expansion through the development of export markets, the opening of new ones and growth acquisitions, Saudi Arabia being an immediate priority.
Dr Ossama Fouad Abbas, Orchidia's founder, largest shareholder and chairman, said: "At Orchidia, we see the difficult times we are currently going through in Egypt as a good opportunity to grow. We are happy with the partnership with Swicorp which we believe will add value to Orchidia taking it to its planned position as 'the key ophthalmic player in the MENA area by 2015' as per our vision statement."
© The Saudi Gazette 2013
