M&A WATCH- The Emirates’ ADQ Holding could buy Amoun Pharma for USD 700 mn: Abu Dhabi’s sovereign wealth fund ADQ is eyeing Bausch Health’s unit in Egypt, Amoun Pharma, ahead of a potential acquisition with a price tag that could be north of USD 700 mn, Bloomberg reports, citing people familiar with the matter. The two parties have not yet worked out the details of the transaction, and Amoun is also on the market for other buyers, the sources said. Bausch — back when it was called Valeant — acquired Amoun in 2015 for USD 800 mn in addition to contingency payments. Amoun was said at the time to be Egypt’s largest local pharma producer and produces a range of human and veterinary medicines including antibiotics, analgesics and antihistamines.

The USD 136 bn fund has been on an acquisition spree in the past few months: It bought a 22% stake in the Middle East’s largest courier Aramex, took a USD 2.1 bn indirect stake in Abu Dhabi National Oil Co’s gas pipelines alongside the Abu Dhabi Pension Fund, and is in talks to grab a slice of agricultural trader Louis Dreyfus. In Egypt, sources told Al Mal last week that the fund has submitted an offer to buy a majority stake in Atyab, the frozen meats and poultry company, for EGP 3–3.2 bn; EFG Hermes is reportedly acting as financial advisor for the transaction.