New Pioneers Holding pharma arm looking to acquire manufacturer this year

M&A WATCH- Pioneers’ new pharma arm on the lookout for acquisition targets, first transaction by year end: Pioneers Holding’s new pharma investment arm Al Noor Pharma is planning to acquire a pharma manufacturer before the end of the year, Al Noor chairman Khaled El Tayeb told the press, without naming potential targets. The company, which will begin business as a distributor, has EGP 1 bn set aside for its expansion plans into manufacturing. Pioneers Holding owns 60% of the company and the remaining 40% is held by unnamed shareholders with experience in the sector. Its upcoming acquisition agreements will be financed through shareholder equity.