US-based Cencora, formerly AmerisourceBergen, is allegedly selling off 30% of its 50% stake in UCP to Tamer Group and has settled on the size and value of the sale
Tamer Healthcare, Saudi's leading healthcare and wellness group, is reportedly acquiring 30% of Egypt’s United Company of Pharmacists (UCP) before the end of the year.
US-based Cencora, formerly AmerisourceBergen, is allegedly selling off 30% of its 50% stake in UCP to Tamer Group and has settled on the size and value of the sale. The remaining stake will be held by the family of the founder, Hossam Omar.
According to sources speaking to regional media, the sale is estimated at $35 million.
In September, UCP’s general manager Mohamed Galal told a local news outlet that the company had several Arab investors and funds express their interest in a potential acquisition. At the time, Galal said that the company had not received any official offers.
Considered the country’s largest pharmaceutical distributor, the UCP’s business model is centered on obtaining medicine from factories and distributing meds to pharmacies and chains in exchange for a profit rate.
According to the UCP’s website, it holds a third of Egypt’s pharmaceutical distribution market, supplying 38.5k pharmacies and 2k hospitals. It stated that it distributes to 69 warehouses and around 20k pharmacies around the world.
August media reports alleged that the UCP was looking into alternatives for financial restructuring, which included selling shares to a strategic investor.
