Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) S.A.E. Acquires a Large Generic Product in a Sizable and Fast-Growing Therapeutic Area
Rameda, a leading Egyptian pharmaceutical company, announced today that it has signed an agreement to acquire a nonsteroidal anti-inflammatory analgesic molecule, marking the company’s largest molecule acquisition to date.
The Molecule is a generic molecule in the anti-inflammatory therapeutic area, currently available in two concentrations, and is prescribed to patients suffering from pain associated with rheumatoid arthritis, psoriatic arthritis, osteoarthritis, and numerous other chronic ailments. The addition of this molecule to Rameda’s existing portfolio as well as multiple new acquisitions in the pipeline are expected to further solidify Rameda’s market position.
According to IQVIA, which is the world leader in advanced data analytics covering pharmaceutical sales data in the Egyptian private market, the molecule has recorded revenues of EGP 71.3 million in 2019 based on the retail price of the product. The acquired molecule would have placed among the top-10 selling molecules for Rameda in 2019, with its gross profit margin standing in the top quartile of the Company’s current product portfolio. With this agreement, Rameda gains access to a new, fast-growing therapeutic area that has displayed a 5-year CAGR of c.41% between 2015 and 2019. Rameda is looking to roll out in the near future two additional concentrations to strengthen the current offering in the market.
Commenting on the acquisition, the Group’s Chief Executive Officer, Dr. Amr Morsy, said: “This acquisition delivers on our previously communicated strategy to utilize the proceeds from the capital increase to bolster our strong portfolio with products in high-growth therapeutic areas. This is the largest molecule acquisition by Rameda to date, demonstrating our ability to identify and acquire molecules that boast significant sales coupled with strong market share, while satisfying our acquisition criteria. This acquisition is the first in a pipeline of potential acquisitions slated for the short term as we work to bring new, innovative product propositions to patients in Egypt.”