Hikma Pharmaceuticals is to boost its presence in Egypt with the acquisition of oncology and injectables business EIMC United Pharmaceuticals. The drug manufacturer has bought a 98% stake from a range of EIMC's shareholders, though no price was given. Hikma added it sees the Egyptian pharmaceutical market as among the top three in the Middle East and North Africa. "With a population of approximately 87mln people, the Egyptian market offers excellent growth opportunities," the company said. A recent report estimated the private retail market in the country was worth US$3.8bn. The deal gives Hikma a manufacturing facility in Egypt and could add around 50 new products by 2020. Mazen Darwazah, chief executive, said: "Egypt is a very important market for Hikma and we have been rapidly growing our business there over the last few years. "Across the group, expansion in the areas of oncology and injectables are key strategic priorities. "Acquiring EUP will further strengthen our market position and be a key driver of future growth." Hikma Egypt is currently the eleventh largest pharmaceutical manufacturer in Egypt, with a market share of around 2%. source: Proactive Investors
