Valeant Pharmaceuticals International Inc expands in Middle East with $800-million purchase of Amoun

The Valeant Pharmaceutical deal will include Amoun\'s manufacturing plant, which Valeant says is one of the largest and most modern in the region.

LAVAL, Que. – Valeant Pharmaceuticals International, Inc. said it will buy a significant Egyptian pharmaceutical company for about US$800 million as a platform for further expansion in the centre East and North Africa.

The Quebec-based company reported?Friday?it features a definite agreement to purchase Amoun Pharmaceutical from Mercury (Cayman) Holdings.

Valeant CEO?Michael Pearson said he hopes the organization will be able to take advantage of both rising incomes and a growing population in the region.

“It\’s not part of the world where a large amount of the larger pharmaceutical companies have a big presence,” said Pearson in an interview with the Financial Post.

“After Amoun we\’ll be one of the largest companies on the bottom and we\’ll continue to grow.”