Intaj II takes a strategic equity stake in Orchidia and positions itself in pharmaceutical sector in Egypt
- Egypt: Saturday, February 23 - 2013 at 11:14
- PRESS RELEASE
Dr Ossama Fouad Abbas and Intaj Capital II (Intaj) are pleased to announce the launch of their partnership in the ophthalmologic sector materialized by the equity participation acquired by Intaj in Orchidia Pharmaceutical Industries ("Orchidia").
Intaj is an investment fund managed by Swicorp, with a specific regional focus on the Middle East, North Africa and Turkey.
Combining their respective forces, the partners will seek to further accelerate the company's growth and enhance its profitability. Immediate moves include the aggressive launch of selected new products within the company's pipeline as well as the launch of international expansion through the development of export markets, the opening of new ones and growth acquisitions, Saudi Arabia being an immediate priority.
Dr Ossama Fouad Abbas, Orchidia's founder, largest shareholder and chairman, said: "At Orchidia, we see the difficult times we are currently going through in Egypt as a good opportunity to grow. We are happy with the partnership with Swicorp which we believe will add value to Orchidia taking it to its planned position as 'the key ophthalmic player in the MENA area by 2015' as per our vision statement."
Mehdi Charfi, the director at Swicorp who led the transaction said: "The pharmaceutical sector has always been of interest to Intaj, and we have been approaching and following a number of pharmaceutical companies in the region for quite some time. We believe we have now identified and invested in a unique player and sealed a partnership with a unique entrepreneur and chief executive. We are very excited about the prospects of this investment and the growth story we are willing to build over the coming years."
David Rey, co-head of private equity at Swicorp added: "Our investment in Egypt in these challenging times is a testimony of our relentless effort to fulfill the mandate given by our investors to invest regionally in outstanding companies with sound foundations and compelling strategic focus. The specifics and relative uniqueness of Orchidia makes me confident that the partnership will deliver on its promises, irrespective of indeed a challenging environment."
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