Canadian drug maker to acquire Amoun

Canadian drugmaker Valeant Pharmaceuticals International Inc will buy one of Egypt's largest pharmaceutical companies, Amoun, for around $800 million by the end of the third quarter.

The acquisition of Amoun Pharmaceutical Company would serve Valeant's plan to expand in the Middle East and North Africa, the Canadian corporation said in a press release on Friday.

Amoun produces cardiovascular drugs, analgesics, vitamins, antihistamines, anti-rheumatics, gastrointestinal drugs and antipyretics, as well as food supplements.

The company also exports to 19 countries in Africa, Europe and the Middle East, and has sister companies in the US, Romania, Russia and Kenya, according to Egypt's General Authority for Investment.

The closed joint stock company is expected to reach LE1.75 billion in sales by 2015, according to the company website.