Integrated Pharma Solutions – IPS Announces Acquisition in Medpharma (UAE) in Partnership with Valeant Pharmaceuticals International,Inc.
The IPS Pharma Manufacturing Network in the MENA Region takes its Second Step
Beirut, September 30, 2014: Integrated Pharma Solutions – IPS, Lebanon-based Pharmaceutical Corporation, announced the successful acquisition of 100% interest in Medpharma Pharmaceutical & Medical Industries LLC (Medpharma), a branded generic company located in the United Arab Emirates (UAE). The acquisition was completed in partnership with the global pharmaceutical company Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX).Valeant group played a decisive role in completing the transaction who will retain 60% and IPS will retain 40% economical stake in Medpharma. BSEC, the financial arm of Bank BEMO, has assisted IPS throughout the whole process. This acquisition is considered to be one of the landmark deals to close this year in the pharmaceutical industry in the GCC.
“This deal is the second successful milestone in building the regional IPS manufacturing network, following the acquisition of a majority stake in MEIVO Pharmaceuticals (Egypt)”, said Mr. Ahmed Yacout, Chairman of IPS group. “With the expansion of our regional pharmaceutical manufacturing network in the UAE, we have positioned ourselves as a key pharmaceutical player in the Middle East region. Further opportunities will realize our potential to establish a pharmaceutical manufacturing network in the MENA region” he added.
“This was a relatively complex transaction, with multiple parties and different structural considerations that were taken into account”, said Mr. Ronald Yazbeck, General Manager of BSEC],“we are pleased to see that the transaction was successfully concluded with a resulting partnership between the purchasers IPS and Valeant that will certainly take Medpharma’s business performance to new heights”.
Medpharma's business is currently focused on the production and commercialization of its own branded generic products in the Middle East and North Africa (MENA) region. Medpharma is one of the leading pharmaceutical branded generic companies in the UAE, and its branded generic products are distributed in the major markets of the MENA region.
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About Valeant Pharmaceuticals International, Inc.
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics. More information about Valeant Pharmaceuticals International, Inc. can be found at www.valeant.com.
About Integrated Pharma Solutions
IPS is specialized in a wide range of first-class pharmaceutical and diagnostic solutions in the Middle East and Africa. Seeking a diversified offering, its scope ranges from manufacturing high-quality generic products, sales, marketing and distribution of medical equipment and pharmaceutical products, to cutting-edge, personalized medicine solutions for physicians and their patients. IPS has also formed partnerships with renowned international firms to provide toll manufacturing services as well as market access.
12th Floor, Block B, Starco Building
Omar Daouk Street, Beirut, Lebanon
www.ips-me.com | Tel: +961 1 373004 | Fax: +961 1 994801 | Info@ips.com
About Bemo Securitization SAL – BSEC
BSEC is a financial institution specialized in structured finance and equity transactions as well as other financing solutions. BSEC has brought to the market pioneering transactions and was rewarded several times by international industries (ISR, Euromoney, etc.) for its innovative structures in both the conventional and Islamic finance areas. BSEC is licensed as a financial institution under Lebanese Law and is a wholly-owned subsidiary of Banque BEMO SAL. BSEC is regulated by the Central Bank of Lebanon and is a member of the Association of Financial Institutions in Lebanon.
3rd Floor, Block A, Two Park Avenue Building
Park Avenue, Beirut Central District, Minet El Hosn, Beirut-Lebanon
www.bsec-sa.com | Tel: +961 1 997998 | contact@bsec-sa.com