{"id":584679,"date":"2023-04-04T00:00:00","date_gmt":"2023-04-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/dpi-amethis-acquire-minority-stake-in-pharma-player-marcyrl\/"},"modified":"2023-04-04T00:00:00","modified_gmt":"2023-04-04T00:00:00","slug":"dpi-amethis-acquire-minority-stake-in-pharma-player-marcyrl","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/dpi-amethis-acquire-minority-stake-in-pharma-player-marcyrl\/","title":{"rendered":"DPI + Amethis acquire minority stake in pharma player Marcyrl"},"content":{"rendered":"

<\/span>EXCLUSIVE- Private-equity consortium takes significant minority stake in <\/span>Marcyrl: <\/span>Developme<\/a><\/span>nt<\/a><\/span>Partners International<\/a><\/span> (DPI) and <\/span>Amethis<\/a> <\/font><\/span>have acquired a \u201csignif<\/span>icant minority stake\u201d in local pharma player <\/span>Marcyrl<\/a><\/span>, according to <\/span>a joint state<\/a><\/span>ment (pdf)<\/a><\/span>. The move will allow Marcyrl to invest in talent and upgrade its tech as it looks to expand at home and abroad.<\/span><\/p>\n

<\/a><\/p>\n

The transaction:<\/span> The players declined to disclose how much of the company was acquired and <\/span>the value of the transaction, but told us that the transaction was made via \u201ca combination of primary and secondary capital to fund the company\u2019s growth plans.\u201d DPI committed funds via its <\/span>USD 900 mn African Development Partners III<\/a><\/span> (ADP III) fund \u2014 one of the largest Africa-focused PE funds in the world \u2014 and Amethis participated via its <\/span>A<\/a><\/span>methis Fund I<\/a><\/span>I<\/a><\/span>.<\/span><\/p>\n

About Marcyrl:<\/span> Founded in 1998, Marcyrl has become one of the country\u2019s 10 leading pharma <\/span>companies. It is focused on producing specialty generics and has introduced innovative antiviral products and hormonal therapy treatments to the local market. <\/span><\/p>\n

ADVISORS-<\/span> PwC provided financial advice to DPI and Amethis while Freshfields Bruckhaus <\/span>Deringer and White & Case were buy-side counsel. HC Securities and Investment was the sell-side financial advisor and Zaki Hashem & Partners was counsel.<\/span><\/p>\n

The company has seen strong growth in recent years: <\/span>The compan<\/span>y has tripled its <\/span>revenues o<\/span>ver the past five years and has acquired a more than 2% share of the local market. The company\u2019s cardiovascular segment is the biggest contributor to growth, accounting fo<\/span>r more than 40% of its revenue<\/span>s. Categories targeting women account for 30% of revenues, gastrointestinal is 15%, and diabetic therapies are 7%. <\/span><\/p>\n

Where the money\u2019s going:<\/span> Marcyrl will deploy the capital to bring in fresh expertise and <\/span>production technology, which will help it reach new markets in Africa and expand further in Egypt, George Messiha, Marcyrl\u2019s managing director for sales, told us.<\/span><\/p>\n

DPI + Amethis are no strangers to Egypt:<\/span> DPI has experience in Egypt\u2019s pharma sector <\/span>having been a part of the consortium of investors that <\/span>acquired almost all of Adwia<\/a><\/span> in 2020. It was also <\/span>a major investor in local retailer BTECH<\/a><\/span> \u2014 a stake <\/span>it exited<\/a><\/span> last year \u2014 and holds a minor stake i<\/span>n GB Auto\u2019s payments firm MNT Investments. Amethis completed its first transaction in Egypt last year after joining a consortium of foreign investors to <\/span>acquire 90%<\/a><\/span> of non-banking financial services firm GlobalCorp.<\/span><\/p>\n

Why pharma? It\u2019s a defensive sector. <\/span>\u201cPharma has always been a sector that we think is a <\/span>very investible sector in Egypt due to its defensive nature,\u201d Ziad Abaza, managing director at DPI, told us. <\/span><\/p>\n

Why Marcyrl? <\/span>\u201c[Marcyrl] is a platform that has significant runway for growth, both locally, but <\/span>also outside of Egypt,\u201d Amethis partner Toufic Khoueiry told Enterprise. \u201cThe company's one of the largest local players in the market and it has a portfolio of generic med drugs that are very well positioned in their respective therapeutic areas,\u201d he said. \u201cWe believe that Marcyrl is uniquely positioned given the therapeutic areas that it focuses on, but also because of its positioning within these areas,\u201d Abaza told us. <\/span><\/p>\n

Why DPI + Amethis?<\/span> Marcyrl chose to approach foreign investors to line up more exposure for <\/span>the business and improve governance, Messiha told us. \u201cWe found good people at DPI and <\/span>Amethis who we felt can help us keep the culture while institutionalizing the business,\u201d he said.<\/span><\/p>\n

DPI + Amethis are keeping their eyes out for further opportunities:<\/span> \u201cWe are looking at a <\/span>couple of investments in other sectors through our different funds. Marcyrl is our second investment in Egypt, which I think underscores our increasing focus on the Egyptian market as part of our pan-African strategy,\u201d Khoueiry told us. Meanwhile, DPI is continuing to look for opportunities in defensive sectors, Abaza said. \u201cFor us, <\/span>Egypt remains a key country. We believe the fundamentals of the young growing population will underpin growth in the country<\/span>,\u201d he told us.<\/span><\/p>\n

Correction: 4 April, 2023<\/i><\/span><\/p>\n

A previous version of this article incorrectly stated that DPI owns a 33% stake in MNT Investments. The firm's ADP II fund has fully exited its 25% stake in the company, while ADP III has reduced its ownership <\/font>from 8% to 5%.<\/i><\/span><\/font><\/p>\n","protected":false},"excerpt":{"rendered":"

Marcyrl has tripled its revenues over the past five years<\/p>\n","protected":false},"author":1,"featured_media":584680,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[6964,6965,72,7128,131,9181,427,758],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-amethis","tag-development-partners-international","tag-enterpriseam","tag-ma-watch","tag-manufacturing","tag-marcyrl","tag-pharma","tag-private-equity","wpautop","entry"],"acf":{"mongo_id":"7dcb2079-d73d-407e-ab3e-2042f30deb93","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/120.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Private equity outfits DPI and Amethis acquire minority stake in Egyptian pharma firm Marcyrl","related_issue":[584674],"teaser":"Marcyrl has tripled its revenues over the past five years","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.1b66e9db-73e7-4b85-b4bf-c4166c3c34aa.mp3"},"yoast_head":"\nDPI + Amethis acquire minority stake in pharma player Marcyrl - 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