Valeant Agrees To Buy Egypt's Amoun Pharmaceutical For About $800 Mln

Valeant Pharmaceuticals International Inc. said Friday it has agreed to acquire Egyptian drug company Amoun Pharmaceuticals for about $800 million plus contingent payments. Amoun is the biggest company in the Egyptian drug sector, with a portfolio of brands in areas including anti-hyperintensives, broad spectrum antibiotics and anti-diarrheals, Valeant said in a statement. The deal is expected to close in the third quarter. Valeant shares were not yet active in premarket trade, but are up 86% in the year so far, while the S&P 500 has gained 3.2%.