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Minapharm and BankInvest Private Equity New Markets (BankInvest) enter into financial partnership.
Cairo and Copenhagen, 10th December 2007 – Minapharm Pharmaceuticals (Egypt) and BankInvest (Denmark) announced today that they signed an agreement through which BankInvest will acquire xxx shares in Minapharm representing 10 pct of its outstanding shares subject to regulatory approvals. The transaction, which was executed at EGP 680 per share share, implies that BankInvest will invest EGP 70 mill (USD 12.6 mill).
Commenting on today’s announcement, Dr. Wafik Bardissi Chairman and CEO of Minapharm, said:
“We welcome BankInvest among the shareholders of Minapharm and expect that BankInvest, as an experienced, international investor, will contribute to further exploitation of Minapharm’s strategy in Egypt, the Middle East and Europe.”
Hans Christian Jacobsen, Managing Director of BankInvest added:
“BankInvest has very high expectations to Minapharm’s future in Egypt and internationally. Minapharm has a distinctive strategy based on innovation in management, products and technologies. Strategic alliances with leading international pharmaceutical companies enable Minapharm’s product portfolio and sustain its ability to make a regional contribution to the quality of life of many people.”
Through its biotech subsidiary, Rhein-Minapharm Biogenetics, Minapharm has portrayed a timely conversion of pharma and biotechnology in the developing world while applying the most recent trends in establishing bio-alliances to boost its R&D program.
The successful launch of Reiferon – a product applied towards treatment of Hepatitis C patients – has demonstrated a notable ability to develop and commercialize new biopharmaceutical products. “BankInvest believes that there is a large potential for Rhein-Minapharm Biogenetics to develop and market other biopharmaceutical products in the future.” says Hans Christian Jacobsen.
Minapharm is headquartered in Cairo with production facilities in the tenth of Ramadan and is among the leading prescription medicine companies in Egypt and the Middle East. The company is specialized in the manufacture and marketing of innovative pharmaceuticals and through its subsidiary Rhein-Minapharm Biogenetics, in the research, development and manufacturing of biopharmaceuticals. The biotech subsidiary is focussing on the core therapeutic areas of liver disease and thrombosis & haemostasis. With three therapeutic proteins already marketed and several in the pipeline, Minapharm’s competence lies in decreasing time to market with adherence to the highest international ethical and safety standards. Minapharm employs a collective workforce of over 700 and is listed on the Cairo and Alexandria stock exchange (symbol: MIPH).
Minapharm was advised by HC Securities and Investment, the Egypt based investment bank.
The BankInvest Group was founded in Denmark in 1969 and is one of the largest asset managers in Scandinavia with USD 32 billion under management, hereof USD 6 billion invested in emerging markets. BankInvest established in mid-2006 a USD 100 million investment fund (Private Equity New Markets) dedicated to enter in to strategic partnerships in Egypt and other selected emerging markets. BankInvest provides capital and business know-how and focuses on medium sized private companies with high growth opportunities.
BankInvest is dedicated to work for adherence to the UN Global Compact Principles and Corporate Social Responsibility. These principles are an important element in BankInvests’ business practice and it is vital that BankInvests’ portfolio companies makes a positive contribution to their local communities, creating employment, training, and supporting improved living standards.
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