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Cairo Pharmaceuticals and Arab Drug Company will merge to become the second largest pharmaceutical company in the local market, chairman of the Holding Company for Pharmaceuticals, Magdy Hassan, said.  This is to improve the companies’ position in light of growing competition.  Hassan added that the merger will cost around EGP 350 million and will be financed from holding company’s surplus cash and direct investments.  Moreover, the deal will alleviate the burdens of private investments and diversified developments which the firms need, Hassan explained.  Finally, a new state of the art factory will be set up on Arab Pharma-owned land plot, to manufacture tablets, inhalation products, syrup and salves, and be the first outlet for export to Europe.  The new plant will be the first of its kind in Egypt.

JGW

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