The Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) announced on Tuesday that it signed a deal to acquire one of the best-selling generic non-steroidal anti-inflammatory drugs (NSAIDs) in Egypt.
The company’s new acquisition, the largest to date, is currently available in two concentrations. It is prescribed to patients suffering from rheumatoid arthritis, psoriatic arthritis, osteoarthritis, and numerous other chronic ailments. The addition of this molecule to Rameda’s existing portfolio and upcoming pipeline is expected to further solidify Rameda’s market position.
According to IQVIA, a 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. These figures are based on the product’s retail price.
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 and fast-growing therapeutic area that has displayed a five year CAGR of roughly 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.
“This acquisition delivers on our previously communicated strategy to utilise the proceeds from the capital increase to bolster our strong portfolio with products in high-growth therapeutic areas,” said Amr Morsy, Rameda CEO. “This is the largest generic drug 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.”