FTSE 250 pharmaceutical group HIkma is to buy the Egyptian Company for Pharmaceuticals & Chemical Industries as it strengthens its position in a rapidly growing market.
It is to pay EGP142.4m - around $22.2m - to buy the firm from a consortium of shareholders.
Hikma's Chief Executive, Said Darwazah, said that since his company entered the Egyptian market in 2007, it had rapidly grown its presence in a country that had excellent growth opportunities.
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"This acquisition will further accelerate that growth, expanding our product portfolio and adding additional manufacturing capacity and technologies," he said.
The company quoted IMS Health figures, which showed Egypts private retail market was valued at around $2.3bn and grew by 10.6% in the twelve months to June 2012.
Hikma Egypt said it was the seventeenth largest pharmaceutical manufacturer in Egypt, with an estimated market share of 1.6%.
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