LONDON: Valeant Pharmaceuticals International Inc is considering the sale of Egyptian drugmaker Amoun Pharmaceutical Co. as the beleaguered Canadian company seeks to accelerate its debt-reduction plans, according to people with knowledge of the matter.
Amoun may attract pharmaceutical companies with an interest in expanding in emerging markets, the people said, asking not to be identified because the deliberations are private. The Egyptian company’s current executives could also pursue a management buyout with help from financial investors, though no final decision has been made, the people said.
Valeant is working with Goldman Sachs Group Inc on the sale, which is at a preliminary stage, the people said. Valeant agreed to acquire Amoun’s holding company Mercury Holdings last year for about $800 million, plus some contingent payments. Valeant’s intentions at the time were to use Amoun as a platform to further expand in the Middle East and Africa.
Amoun is the largest domestic drugmaker in Egypt, Valeant said last year when it announced the purchase. The company offers both veterinary and human medicines in the region and sells antibiotics, anti-diarrheals and drugs that fight high blood pressure, among other products.
