Integrated Pharma partners
with Saudi SPIMACO
The deal will help IPS penetrate more markets
Integrated Pharma Solutions (IPS), a local pharmaceutical corporation, sold half of its shares in the Egypt-based Meivo International for Pharmaceutical Industries to the Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO).
IPS used to own a 52.5 percent share of Meivo Pharmaceuticals in Egypt, which was acquired in July 2014. Now IPS’s remaining shares are 26 percent. The new entity will be renamed SPIMACO – Egypt.
“The deal was concluded only 14 months after IPS acquired the UAE-based Medpharma manufacturing facilities, in October 2014 in partnership with Valeant, a multinational group,” said Ahmed Yacout who, with his family, controls 56 percent of IPS. Roger Saadeh owns the balance.
SPIMACO acquired in total 51 percent of the shares of Meivo with a total value of $20 million, bringing the overall value of the Meivo factory to $40 million. IPS’s share from the deal is $10 million.
Akram Zuhairi, Regional Corporate Affairs Director for IPS Group said: “This is a strategic move for IPS, which will help penetrate more markets.”
IPS was established in 2013 to acquire a network of pharmaceutical manufacturing companies in the MENA region, its scope of business also includes marketing and distribution of medical equipment.
Meivo International began its pharmaceutical manufacturing activities in 2012, in Alexandria. It currently has more than 75 pharmaceutical products. SPIMACO is a Saudi joint–stock establishment founded in 1986. Its core business is the medical and pharmaceutical industries.
Date Posted: Jan 25, 2016