July 17, 2015 / 12:29 PM / 2 years ago

Valeant to buy Egyptian drugmaker Amoun for about $800 million

The sign of Valeant Pharmaceuticals International Inc is seen at its headquarters in Laval, Quebec May 19, 2015. REUTERS/Christinne Muschi

(Reuters) - Canadian drugmaker Valeant Pharmaceuticals International Inc (VRX.TO) (VRX.N) said it would buy Egypt’s largest drugmaker, Amoun Pharmaceutical, for about $800 million.

Valeant said it expects the acquisition of privately held Amoun to help expand in the Middle East and North Africa.

Amoun is a market leader in bowel drugs, hypertension drugs and antibiotics in Egypt, Valeant said in a statement. Amoun also makes veterinary drugs.

The deal, Valeant’s fifth acquisition this year under Chief Executive Michael Pearson, also includes additional contingent payments.

Valeant, which built its portfolio through buying up smaller drugmakers, signed its biggest ever acquisition in March, when it offered $11 billion to buy Salix Pharmaceuticals.

Reporting by Vidya L Nathan in Bengaluru; Editing by Don Sebastian

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