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Thursday, 1 April 2021

ADQ reaches agreement to snag Amoun Pharma

Abu Dhabi’s sovereign wealth fund ADQ is acquiring 100% of Bausch Health’s unit in Egypt, Amoun Pharma, in a USD 740 mn transaction, Bausch said in a statement yesterday. The agreement comes as Canada’s Bausch company looks to pare down debt. The definitive agreement includes a mandatory tender offer by ADQ for the total issued share capital of Amoun including less than 1% held by minority shareholders, according to a statement yesterday. The sale is expected to go through in 1H2021 and is still subject to regulatory approval, Bausch said. Bloomberg also took note of the acquisition.

It seems the SFE got a piece of the action? Unconfirmed press reports had suggested that the Sovereign Wealth Fund of Egypt (SFE) was planning to join ADQ in its bid to acquire Amoun by nabbing a 10% stake. Yesterday’s statements did not say that the SFE had participated in the transaction, but ADQ Executive Director Fahad Al Qassim said the transaction “further solidifies our commitment” to the USD 20 bn joint investment platform that ADQ and the SFE set up back in 2019. “Together with SFE, we will work with Amoun’s leadership to expand on the company’s proven track record and market position in the pharma landscape,” Al Qassim said.

Advisors: Goldman Sachs and Morgan Stanley served as financial advisors to Bausch Health. Safwat & Partners and Wachtell, Lipton, Rosen & Katz provided counsel to Bausch Health in the transaction. Shearman & Sterling LLP and Matouk Bassiouny & Hennawy were ADQ’s counsel, according to a statement (pdf).

 

CLARIFICATION- on 1 April 2021

The story was amended to include Safwat & Partners, who provided counsel to Bausch Health on the transaction along with Wachtell, Lipton, Rosen & Katz. 

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