Shareholders of Amoun Pharmaceutical Company are considering an initial public offering (IPO) as an alternative to selling the company to strategic investors, Bloomberg cited sources as saying.
The source added that Actis LLP is separately considering a pre-IPO invest¬ment in the company.
In July, three people with knowledge of the matter were quoted as saying by Bloomberg that UAE’s Abraaj Group was considering a bid for Egypt-based drugmaker Amoun Pharmaceutical. Abraaj has held initial talks with Amoun ahead of a potential bid, which may value the business at $700 million to $800 million, the people said, asking not to be identified as the information is private. Talks are at an early stage and the sale is also attracting interest from other private equity firms, the people said, without giving names. The drugmaker’s shareholders hired Jefferies Group LLC to explore a potential sale, Chief Executive Officer Mohamed Roushdy said in May. The company’s owners include emerging market-focused private equity arms of Capital Group Inc, New York-based Concord International Investments, and the Rohatyn Group, which bought Citigroup Inc. (C)’s buyout business last year.