BEIRUT: A subsidiary of Integrated Pharma Solutions, a Lebanon-based pharmaceutical corporation, announced Wednesday the successful acquisition of 52.48 percent of MEIVO Pharmaceuticals in Egypt within the IPS group.
The deal between IPS and MEIVO was managed by BSEC, the financial arm of Bank BEMO.
The MEIVO acquisition is the first step in the regional pharmaceutical manufacturing network that IPS is striving to establish across the Middle East and North Africa region.
The value of the acquisition remains unknown.
“This move falls within the vision of IPS to create a network of pharmaceutical manufacturing facilities in the Middle East and Africa,” IPS Group Chairman Ahmed Yacout said.
“IPS also sees significant potential in MEIVO Pharmaceuticals, which manufactures a diversified portfolio of more than 50 products in the leading therapeutic segments,” he added.
BSEC undertook the valuation and due diligence of MEIVO Pharmaceuticals, supervised the execution of the transfer of shares in the Egyptian Exchange, and also handled structural and legal aspects of the transaction.
Ronald Yazbeck, general manager of BSEC, said: “BSEC, which arranged this transaction in challenging times in Egypt, is pleased to have met the financial and structuring needs of IPS and holds great prospects for the group as it sets its footprint in the region.”
MEIVO International for Pharmaceuticals Industries has been manufacturing and distributing generic medical and pharmaceutical products in the market since 2005.
A version of this article appeared in the print edition of The Daily Star on July 03, 2014, on page 5.