LVP Pharma continues accumulation spree with EGP 847 mn Rameda share purchase

LVP Pharma upped its stake in EGX-listed pharma giant Rameda to 31.5%, effectively buying out Equinox Pharma Holding in an EGP 847 mn transaction, according to a bourse disclosure (pdf). LVP acquired some 167 mn shares — good for an 8.3% stake in Rameda — at EGP 5.07 each, representing a 3.1% markdown (by our math) to Rameda’s Monday close. Equinox, which had been trimming its position since March, “has [now] sold its entire stake in Rameda,” Rameda CFO Mohamed Aboamira tells EnterpriseAM.

LVP is now within touching distance of the MTO line. Under capital market rules, investors that cross the 33.33% threshold are required to launch a mandatory tender offer (MTO) for the remaining shares. This means any further buying would likely bring the MTO rule into play — a mechanism that exists to give minority shareholders the right to exit at a fair price once a single investor approaches control.

IN CONTEXT- The latest purchase caps a months-long accumulation spree. LVP nearly doubled its exposure to the pharma giant in a transaction valued at EGP 1.1 bn back in March. The firm bought a total of 223 mn shares, including 220 mn from Equinox Pharma Holding, at EGP 5.1 apiece, making it Rameda’s largest shareholder after a flurry of sizable share purchases in the preceding weeks.

Expect more buying ahead: LVP is expected to increase its stake further in the future, Aboamira says, noting the firm views Rameda as “the ideal vehicle to drive their healthcare strategy.” Whether that eventually takes LVP across the MTO threshold is undecided, though newly appointed Chairman Sherif El Akhdar has made it a top priority, the CFO adds.

A new board: El Akhdar — who founded LimeVest, the healthcare private equity firm that owns LVP Pharma — was appointed non-executive chairman of Rameda’s board of directors last week.

Molecules first: Rather than corporate acquisitions, Rameda is strictly targeting high-margin product and molecule acquisitions that can be immediately integrated onto existing production lines with zero capital expenditure (capex), Aboamira says. These products typically carry gross margins above 70% and EBITDA margins around 50%, providing a massive boost to the bottom line.

“Our next big move is regional expansion,” Aboamira notes. “This partnership grants us the access required to establish secondary packaging facilities and scale up exports to Saudi Arabia and other regional markets.”

Who else sits at the cap table: The PIF’s Saudi Seventh Investment Co. owns 11% of Rameda, while the Kuwait Investment Authority’s Ekuity B.V holds 10%, as per the company’s 1Q shareholding disclosure (pdf) dated 5 April 2026. With LVP’s stake now at 31.5%, the three largest institutional holders together account for just over half of the company, and the rest of the shares are free floating.

A snapshot of Rameda’s 2025 earnings: Revenues jumped 48% y-o-y to EGP 4.1 bn, though net income fell 22% to EGP 313 mn on surging financing costs and a one-off EGP 99 mn provision. That pressure is already easing. “Our finance costs have now dropped to roughly 20% from 28% at the beginning of last year,” he notes, adding that a reversal of the provision should give the company’s bottom line “significant room to breathe” this year.

ADVISORS- Al Ahly Pharos quarterbacked the transaction.