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Medical Union considers Eli Lilly acquisition

Medical Union considers Eli Lilly acquisition
The board of Medical Union Pharmaceuticals Company (MUP) will hold a meeting on Saturday to look into the terms for a contract to buy ‘Eli Lilly’ plant that produces insulin.
The company had launched an offer worth $4 million for the plant.
The company’s budget estimate for 2015 shows that the company is targeting EGP 154 million net profit after tax, or 12.3% of total sales estimated at around EGP 1.25 billion.
According to the company, administrative and general expenses are forecasted to reach nearly EGP 96.4 million, or 7.71% of expected sales.
The company had posted a drop by 11.8% in net profit for the first nine months of FY14 to EGP 78 million.
Photo Credit: Arabianeye-Reuters