Emirati ADQ explores acquisition of Egypt’s Amoun

No final agreement has been reached

Medicine in shelves in commissioning machine in pharmacy. Image used for illustrative purpose

Medicine in shelves in commissioning machine in pharmacy. Image used for illustrative purpose

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ArabFinance: UAE-based ADQ is eyeing the acquisition of Egypt’s Amoun Pharmaceutical Company, a subsidiary of Bausch Health, to expand its portfolio of healthcare investments, people with knowledge of the matter told Bloomberg.

The sale deal would reach at least $700 million (EGP 10.99 billion), the people told Bloomberg, “asking not to be identified because the information is private.”

No final agreement has been reached, in addition, there is still no certainty the deliberations will lead to a transaction, the people said.

“Amoun could also attract other suitors, according to the people. Representatives for ADQ and Amoun couldn’t immediately comment. A spokesperson for Bausch declined to comment,” Bloomberg stated.

If completed, the takeover transaction would add to $202 billion (EGP 3.17 trillion) of deals targeting healthcare companies in 2020, according to data compiled by Bloomberg.

“That’s 45% down on the same period in 2019 as the pandemic subdues dealmaking across most major sectors,” the news portal added.

Two years ago, an English investment fund had reportedly made an offer to acquire Amoun for $600 million (EGP 9.42 billion).

*At press time, the conversion rate is $1 = EGP 15.71

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