An IPS Pharma Manufacturing Network in the MENA Region Takes Its First Steps.
Beirut: A subsidiary of Integrated Pharma Solutions- IPS, Lebanon- based Pharmaceutical Corporation, announced the successful acquisition of 52.48% of MEIVO Pharmaceuticals in Egypt within the IPS group. The deal between IPS and MEIVO was managed by BSEC, the financial arm of Bank BEMO. The MEIVO acquisition is the first step in the regional pharmaceutical manufacturing network that IPS is aiming to establish in the Middle East and North Africa region.
"This move falls within the vision of IPS to create a network of pharmaceutical manufacturing facilities in the Middle East and Africa" said Mr. Ahmed Yacout, Chairman of IPS group. He also added: "IPS also sees significant potential in MEIVO Pharmaceuticals, which manufacturers a diversified portfolio of more than 50 products in the leading therapeutic segments.
BSEC undertook the valuation and due diligence of MEIVO Pharmaceuticals, supervised the execution of the transfer of shares in the Egyptian Exchange, and handled structural and legal aspects of the transaction. Mr. Ronald Yazbeck, general manager of BSEC, stated that: "BSEC, which arranged this transaction in challenging times in Egypt, is pleased to have met the financial and structuring needs of IPS and holds great prospects for the group as it sets its footprint in the region."
MEIVO International for Pharmaceuticals Industries (MEIVO Pharmaceuticals) is manufacturing and distributing generic medical and pharmaceutical products in the market since 2005 selling toll-manufactured products. In 2012, Meivo Pharmaceuticals consolidated its role as a main market participant with the completion of its brand new factory which operates in compliance with recognized international standards including FDA and cGMP.
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About Integrated Pharma Solutions
IPS is specialized in a wide range of first-class pharmaceutical and diagnostic solutions in the Middle East and Africa. Seeking a diversified offering, its scope ranges from manufacturing high-quality generic products, sales, marketing and distribution of medical equipment and pharmaceutical products, to cutting-edge, personalized medicine solutions for physicians and their patients. IPS has also formed partnerships with renowned international firms to provide toll manufacturing services as well as market access.
12th Floor, Block B, Starco Building
Omar Daouk Street, Beirut, Lebano
www.ips-me.com | Tel: +961 1 373004 | Fax: +961 1 994801 | Info@ips.com
About Bemo Securitization SAL - BSEC
BSEC is a financial institution specialized in structured finance and equity transactions as well as other financing solutions. BSEC has brought to market pioneering transactions and was rewarded several times by international industry (ISR, Euromoney, etc.) for its innovative structures in both the conventional and Islamic finance areas. BSEC is licensed as a financial institution under Lebanese Law and is a wholly-owned subsidiary of Banque BEMO SAL. BSEC is regulated by the Central Bank of Lebanon and is a member of the Association of Financial Institutions in Lebanon.
3rd Floor, Block A, Two Park Avenue Building
Park Avenue, Beirut Central District, Minet El Hosn, Beirut-Lebano
www.bsec-sa.com | Tel: +961 1 997998 | contact@bsec-sa.com
© Press Release 2014
