Saudi health firm eyeing minority stake in UCP?

Saudi conglomerate Tamer Group could acquire30% of Egyptian pharma wholesaler United Company of Pharmacists(UCP) for USD 35 mn before the end of this year, Asharq Business reported, citing sources it says are in the know.

Who’s selling? American wholesale company Cencora (formerly known as AmerisourceBergen) owns 50% of UCP and has already agreed with Tamer Group on the size and value of the sale, according to the news service. The remaining 50% of the company is owned by the family of the founder, Hossam Omar, UCP general manager Mohamed Galal told Enterprise in September.

UCP is seeking much-needed finance to weather its debt crisis: The company, one of the largest pharma distributors in Egypt, has been seeking new finance sources to resolve a growing debt problem, Al Mal reported in September. UCP controls a third of Egypt’s pharma distribution market and supplies 38.5k pharmacies and 2k hospitals, according to the group’s website.

Advisors: JPMorgan is advising Cencora on the transaction, according to Asharq.