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Valeant Pharmaceuticals Agrees To Acquire Amoun Pharmaceutical
Valeant Pharmaceuticals International, Inc. today announced that it has entered into a definitive agreement under which Valeant will acquire Mercury (Cayman) Holdings.
PRESS RELEASE
LAVAL, Quebec
,
July 17, 2015
/PRNewswire/ --
Valeant Pharmaceuticals International, Inc.
(NYSE: VRX and TSX: VRX) today announced that it has entered into a definitive agreement under which Valeant will acquire
Mercury (Cayman) Holdings
, the holding company of Amoun Pharmaceutical, for consideration of approximately
US$800 million
, plus contingent payments.
Amoun Pharmaceutical is the largest domestic company in the Egyptian pharmaceutical market and currently expects to reach
EGP 1.75 billion
by 2015, with annual growth of approximately 20%. Amoun operates a large, state-of-the-art manufacturing plant that is considered to be one of the largest and most up-to-date pharmaceutical facilities in
Africa
and the
Middle East
and has market leading pharmaceutical brands in therapeutic areas such as anti-hypertensives, broad spectrum antibiotics and anti-diarrheals.
Valeant intends for Amoun to serve as a platform for further expansion in the broader
Middle East
and
North Africa
pharmaceutical market and expects the transaction to close in the third quarter, subject to customary closing conditions.
