Laprophan to use 2.22 billion dirhams for expansion
By the AFREEQUE newsroom, based on La Vie éco
Moroccan pharmaceutical company Laprophan plans to use the proceeds of its 2.22 billion-dirham initial public offering to finance external growth, notably the acquisition of Polymedic. Its CEO, Farid Bennis, outlined the plans after the AMMC approved the listing on 28 October, reports La Vie éco.
Moroccan pharmaceutical company Laprophan plans to raise up to 2.22 billion dirhams in its listing on the Casablanca Stock Exchange, after obtaining approval from the Moroccan Capital Market Authority (AMMC) on 28 October. The operation will combine a capital increase of about 1.4 billion dirhams and the sale of shares worth 822 million, reports La Vie éco.
Laprophan will use most of the new funds to buy Polymedic, a Moroccan pharmaceutical company that holds 138 marketing authorisations and sells more than 200 products. According to Laprophan chief executive Farid Bennis, the two portfolios are complementary and have no duplication in terms of specialities. The operation will also strengthen the group’s financial structure and support its industrial expansion; Laprophan operates in more than 50 countries.
The first listing is scheduled for 25 November. The 1.4 billion-dirham capital increase reserved for the public is intended to finance 90% of the purchase of Polymedic. The operation follows the publication of the offering terms, which had already provided for a fundraising of up to 2.2 billion dirhams, in the details of Laprophan’s listing.
