Bausch Health Companies announced that it will sell all of its equity interests in Amoun Pharmaceutical Company to Abu-Dhabi based ADQ, one of the region's largest holding companies, for approximately $740 million.
As part of the transaction, cash generated by Amoun during the period from the locked-box date of January 1, 2021 to closing will be for the benefit of the ADQ and such cash is not expected to be part of Bausch Health's consolidated results and will be adjusted for reporting purposes from the consideration, together with other gross to net adjustments, such as taxes and other items.
Amoun is one of the largest pharmaceutical companies in Egypt that manufactures, markets and distributes branded generics of human and animal health products.
This move is meant to reduce overall Bausch Health debt as it continues to pursue opportunities to drive value, including preparing for the spinoff of Bausch + Lomb.
The transaction is expected to close in the first half of 2021, subject to customary closing conditions.
Goldman Sachs and Morgan Stanley served as financial advisors to Bausch Health, and Wachtell, Lipton, Rosen & Katz acted as legal advisor to Bausch Health in the transaction.
Read the Bausch statement