Integrated Pharma Solutions (IPS), a local pharmaceutical corporation, sold half of its shares in the Egypt-based Meivo International for Pharmaceutical Industries to the Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO).
IPS used to own a 52.5 percent share of Meivo Pharmaceuticals in Egypt, which was acquired in July 2014. Now IPS's remaining shares are 26 percent. The new entity will be renamed SPIMACO – Egypt.
"The deal was concluded only 14 months a...
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