UAE’s ADQ acquires Egyptian pharma Amoun

By Ashika Rajan, Trainee Reporter
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Abu Dhabi-based holding firm ADQ is acquiring Egypt’s Amoun pharmaceutical company as part of its ongoing healthcare portfolio growth.

The investment in Amoun, which operates one of Egypt’s largest pharmaceutical plants, will improve ADQ’s long-term healthcare and pharma strategy to deliver a fully integrated value chain in the UAE.

Bausch Health in Canada is selling Amoun to ADQ for $470 million. The deal will be completed through a mandatory tender offer by ADQ for Amoun’s entire issued share capital, less than 1 percent of which will be owned by minority shareholders. The agreement is subject to normal closing conditions, which include regulatory approvals.

Mr. Fahad Al Qassim Executive Director Healthcare and Pharma at ADQ remarked that “ADQ aims to develop an integrated healthcare and pharma value chain through strategic investments and new ventures both locally and internationally.”

According to ADQ the investment in Amoun also demonstrates its commitment to a joint investment platform it has developed with Egypt’s Sovereign Fund.

Mr. Al Qassim further added that “together with SFE, we will work with Amoun’s leadership to expand on the company’s proven track record and market position in the pharma landscape.”

Pharmaceutical firms, long-term care facilities, and diagnostic services all benefited from the COVID-19 pandemic, which increased investment in the healthcare sector. As a result of the pandemic crisis, attempts to find solutions in the fields of diagnostics and pharmaceuticals have accelerated.

ADQ, which was established in 2018, has a portfolio of companies in key non-oil sectors such as utilities, tourism and hospitality, aviation, transportation, logistics, industrial, real estate, media, healthcare, agri-foods, and financial services.

Abu Dhabi Power Corporation, Abu Dhabi Airports, Abu Dhabi Ports, Etihad Rail, Seha Healthcare, Daman Insurance, Abu Dhabi Media and twofour54, and Abu Dhabi National Exhibitions Company are a few of the companies in its portfolio.

ADQ agreed to combine its healthcare entities UAE’s Rafed and lab testing company Union71 with Dubai-based Pure Health earlier this month to form a new healthcare support services provider. As part of the deal, ADQ will hand over control of Rafed and Union71 to Pure Health in exchange for a share in the combined company. In January, the company announced the acquisition of Pharmax Pharmaceuticals, a generic drug manufacturer based in the UAE, as well as a minority stake in India’s Biocon Biologics.

Mr. Al Qassim pointed out “together with our recent pharma manufacturing investments in the UAE and India, our investment in Amoun will further enhance our pharma strategy with the ultimate aim of ensuring access to critical medicines, lowering the cost of medication for the general population and advancing new and innovative treatments that help improve people’s lives.”

Amoun is a leading producer, distributor, and exporter of branded pharmaceutical and animal health products, having been founded in 1998. It has a workforce of over 2,500 employees.

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