Hikma Pharmaceutical to buy Egyptian pharma firm EIMC United

Posted on : Wednesday , 23rd September 2015

Hikma Pharmaceutical Plc has announced plans to buy nearly the entire share capital (98.09%) of EIMC United Pharmaceuticals from a consortium of shareholders to boost its position in the Egyptian market.

EIMC United is based in Egypt and is primarily a drug maker specialising in oncology products.

The Jordanian company did not disclose the value of the deal, which comes just months after its large-ticket purchase of Boehringer Ingelheim’s U.S. generic drugs business.

Hikma, which makes and markets branded and non-branded generic and injectable drugs, said the EIMC deal would help increase its market share in Egypt, where it is currently the 11th largest pharmaceutical manufacturer, with a market share of about 2%.

The deal also gives it access to a portfolio and a pipeline of opportunities in oncology and injectables, with the potential to add around 50 products by 2020, Hikma said.

“Across the group, expansion in the areas of oncology and injectables are key strategic priorities and I am very pleased to be developing our capabilities in the Middle East and North Africa region,” Hikma Vice Chairman and MENA Chief Executive Mazen Darwazah said in a statement.

The Egyptian pharmaceutical market is one of the three major pharmaceutical markets in the Middle East and North Africa (“MENA”). According to IMS Health,1 the private retail market is valued at around $3.8 billion and grew by 8.3% in the twelve months to June 2015.

With a population of approximately 872 million people, the Egyptian market offers excellent growth opportunities. Hikma Egypt is currently the eleventh largest pharmaceutical manufacturer in Egypt, with an estimated market share of 2.0%.

Source : pharmaafrica.com

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