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Thursday, 12 December 2019

Rameda Pharma dip in EGX debut

Rameda Pharma dip in EGX debut: Rameda Pharma shares edged down 4.7% in light trading on the EGX debut yesterday. Rameda, which trades under the ticker RMDA, started trading on poor day for the EGX, with the benchmark EGX30 closing down 0.6%. It is only the second IPO the EGX has seen this year, after e-payments firm Fawry floated in August.

Also yesterday: Rameda plans to launch 12-15 new products next year, and increase exports to 15% of total production, up from 8% today, CEO Amr Morsy said at a press conference. Rameda is the industry’s fastest-growing generic manufacturer and is coming off a shutdown for a factory upgrade, but management has guided for a significant pickup in business activity going forward. The company reported 3Q19 revenue growth of just over 19% despite the shutdown, which now sees it with a 60% increase in production capacity.

Rameda has said it will invest proceeds of the IPO in expansion, including the acquisition of new molecules and to engage in opportunistic acquisitions. More on the company’s IR microsite.

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