Kuwait based Investment Company, North Africa Holding Company (NorAH), announced today it has acquired a Majority stake in Egyptian International Medical Center (EIMC) and its affiliate, EIMC United Pharmaceuticals (EUP). EIMC is one of Egypt's leading pharmaceutical distributors that focus on oncology, intensive care products and blood derivatives and EUP is a pioneer in manufacturing a wide range of oncology and intensive care products.
Emad Al Saleh, chief executive officer of NorAH commented: "This acquisition is a major milestone in NorAH's expansion plans; it's our first private investment in the healthcare sector and the second in Egypt. We have chosen Egypt for being the largest and the fastest growing pharmaceutical market in the MENA region.
"We firmly believe we have chosen the right partners in this deal. EIMC is well positioned in the Egyptian pharmaceutical distribution market with a track record of growth, strong relationships within and outside Egypt and a large distribution network. Its affiliate EUP, with its World Health Organization certified facility, the first dedicated facility to manufacture oncology drugs in the MENA region" added Al Saleh.
Dr. Awad Gabr, EUP spokesperson said: "NorAH's partnership is an exciting development and we very much welcome it. NorAH's involvement and commitment to EIMC & EUP will provide us with the resources we need to develop and expand our businesses. NorAH's knowledge and expertise will also help us explore new markets and broaden our customer base."
Dr. Mohamed El Sayed Ahmed – EIMC spokesman stated that the Company's board members and shareholders are pleased with this strategic partnership He also added that NorAH has been selected among a number of other potential partners for its strong financial capabilities, its clear expansion strategy and for sharing the same vision as EIMC Management. The partnership will help EIMC expand its market share and lead the pharmaceutical distribution sector in Egypt.
On the stated acquisition, Maged Ezzeledeen and Amr Abdelaziz from PricewaterhouseCoopers the lead financial advisor of EIMC and EUP stated that "the pharmaceutical sector is expanding rapidly with very high prospects in the future and we were pleased to work with both parties towards deal closure. North Africa Holding has been selected over 12 bidders as it represents a solid strategic fit with our client who has a vast experience in the pharmaceutical sector. We believe that the acquisition will emerge a leading pharmaceutical company in the Middle East and Africa"