M&A WATCH- Our friends at the Egyptian American Enterprise Fund (EAEF) are reportedly planning to invest in Orchidia Pharma, sources close to the matter tell Al Borsa. While EAEF is hoping to acquire up to 100% of the company, it would settle on a majority stake of 55%, the sources told the newspaper, adding that due diligence is already underway ahead of presenting the company with a formal offer. Orchidia, which holds a 30% market share of the domestic eye drops market, is majority owned by its chairman Osama Abbas, who holds a 62% stake in the company. Investment firm Swicorp owns 38% of the company through its Intaj Capital II fund and had reportedly been looking to sell its stake. The newspaper also reports that Orchidia had been an acquisition target for Jordan’s Hikma last year. Acquisition talks failed on a buyer-seller price disconnect, as Hikma was offering c. EGP 400 mn against a demand of EGP 450 mn from shareholders.

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