Foursan Group and Jordan Fund Invest in
Arab Pharmaceutical Manufacturing Company
July 3, 2006
Foursan Group and the Jordan Fund announced today that they have both made investments in Arab Pharmaceutical Manufacturing Company (“APMC” or the “Company”). APMC is a leading manufacturer of pharmaceuticals in Jordan and has sales across the Middle Eastern region. Its principal production facilities are in Jordan and Algeria.
Foursan and the Jordan Fund invested in APMC with a number of co-investors. The group, which will have significant control over the Company’s business, based its investment decision on APMC’s strong management team, recognized product line-up and its promising pipeline of future products.
Basem Salfiti, partner at Foursan Group, said, “the Jordanian pharmaceutical industry has a great deal of future potential. The industry is mature, with a large number of products that have found markets, and benefits from the high skills of the Jordanian workforce. There remain substantial opportunities to drive some of these proven products through new distribution networks, whether in the region or in new markets. In addition, we see a steady supply of new products that have future promise.”
About Foursan: Foursan Group is a private equity specialist with a primary focus on the Middle East region. Foursan has recently launched Foursan Capital Partners to invest throughout the Middle East, with a specific focus on markets that are “emerging” in the region. Foursan also manages the Jordan Fund, which it created along with Deutsche Bank and the Government of Jordan.
About the Jordan Fund: The Jordan Fund is a $50 million private equity fund established to invest in Jordanian companies. The Fund targets companies across a range of development stages, and has recently invested in the insurance, telecommunications, education, pharmaceutical and aviation sectors in Jordan. Foursan Group manages the Jordan Fund, which it created along with Deutsche Bank and the Government of Jordan.
About APMC: APMC produces branded generics and patented products (under license) in several production facilities in Jordan and in Algeria. The Company has over 1,000 employees, mostly in Jordan, including a direct marketing force in such key markets as Saudi Arabia, Algeria, the UAE, and others. Through strong research & development, the Company has a pipeline of new products that will help it grow and gain market share in Jordan and beyond.
The Company sells its products through aprivate sales force of medical representatives and through tenders to governments and major organizations.
