UAE—Mubadala Investment Company PJSC (Mubadala), a sovereign investor based in Abu Dhabi, has finalized a definitive agreement to acquire KELIX bio, a specialty pharmaceutical business focusing on delivering complex generics across emerging markets.

This significant development follows the divestment of KELIX bio’s shareholding by Development Partners International (DPI), a private equity firm focused on Africa, along with British International Investment (BII) and the European Bank for Reconstruction and Development (EBRD).

Founded in November 2020 by investors DPI, BII, EBRD, and executives Hocine Sidi Said and Alhadi Alwazir, KELIX bio was established as the inaugural pan-African biopharmaceutical platform dedicated to expanding access to essential specialty generic drugs.

With substantial initial capital infusion and subsequent funding from DPI and BII, KELIX bio embarked on acquiring new assets, developing cross-market distribution channels, conducting research and development for novel drugs, and leveraging sector expertise to execute its impactful strategy.

Today, KELIX bio operates through four subsidiary companies: Adwia (Egypt), Celon Labs (India), Kelix Bio Malta (Malta), and PHI (Morocco), spanning six countries.

The platform’s revenues have surpassed $150 million, with its critical medicines available in over 50 countries across Africa, Latin America, Southeast Asia, and the Middle East.

The acquisition of KELIX bio by Mubadala aims to strengthen the UAE’s position in the global life sciences sector.

With KELIX bio specializing in relevant therapy areas and boasting a leadership team experienced in successful buy-and-build strategies globally, the move aligns with Mubadala’s goal to position the UAE prominently in the global life sciences sector.

Dr. Bakheet Al Katheeri, Chief Executive Officer of Mubadala’s UAE Investments Platform, emphasized the acquisition’s role in accelerating the nation’s economic diversification through portfolio companies and national champions.

 He highlighted the partnership’s potential to deliver long-term socio-economic returns, including improved healthcare, drug security, job creation, and GDP impact.

On his part, Ismail Ali Abdulla, Head of UAE Clusters at Mubadala’s UAE Investments Platform, reiterated Mubadala’s commitment to enhancing community well-being through strategic healthcare investments.

He emphasized the goal of empowering the UAE’s healthcare infrastructure and ensuring wider access to life-saving treatments for all citizens through KELIX bio’s capabilities.

Hocine Sidi-Said, co-founder, and Chief Executive Officer at KELIX bio expressed gratitude to DPI and previous shareholders for their support and faith in the company’s vision.

He highlighted Mubadala’s acquisition as a driver for both economic returns and enduring societal impact in the UAE.

The UAE faces a significant burden of non-communicable diseases, necessitating pharmaceutical imports to meet healthcare needs.

 Mubadala’s acquisition of KELIX bio strategically aims to advance the UAE’s national life sciences capabilities, fostering innovation and manufacturing partnerships to enhance pharmaceutical capabilities regionally.

These agreements build on Mubadala’s efforts to establish an Abu Dhabi-based national pharmaceutical champion, enhancing the UAE’s pharmaceutical infrastructure, addressing prevalent diseases, reducing healthcare expenditure, strengthening drug security, and advancing towards a resilient, knowledge-based economy.

For all the latest healthcare industry news from Africa and the World, subscribe to our NEWSLETTER, and YouTube Channel, follow us on Twitter and LinkedIn, and like us on Facebook.