Valeant Pharmaceuticals International Inc. agreed to buy Egyptian drugmaker Amoun Pharmaceutical Co. for $800 million, continuing its torrid pace of dealmaking by expanding further into emerging markets.
Valeant will pay about $800 million plus fees, according to a statement Friday, in its first deal in the Middle East. Amoun, owned by funds run by Capital Group, Concord International Investments and the Rohatyn Group, expects sales of 1.75 billion Egyptian pounds ($223 million) this year, Valeant said.
Amoun is the largest domestic drugmaker in Egypt, according to the statement, and offers both veterinary and human medicines in the region. It sells antibiotics, anti-diarrheals and drugs that fight high blood pressure, among other products.
Valeant, based in Laval, Quebec, is seeking to become one of the world’s largest drug companies through deals. The company is consistently looking for good deals, Chief Executive Officer Michael Pearson said in an interview in May. Earlier this year the company beat out rival Endo International Plc to buy Salix Pharmaceuticals Ltd. for $11.1 billion.
Bloomberg reported Valeant’s interest in Amoun in June.