Abu Dhabi-based holding company ADQ on Thursday announced two investments to significantly expand its healthcare and pharma portfolio.
The company said it has agreed to acquire Pharmax Pharmaceuticals, a UAE-based company which manufactures and markets affordable, branded generic medication while also investing in a minority stake in Biocon Biologics Limited that specialises in developing, manufacturing and marketing high-quality, affordable biosimilars across global markets.
ADQ said that through its investment in Pharmax, it is addressing a “shortage of affordable medication” to create a cost-efficient healthcare system in the UAE that balances cost and quality.
It added that the equity investment in Biocon Biologics represents an important step towards “developing cutting-edge expertise in high quality biosimilars to target chronic conditions such as diabetes, oncology, immunology”.
Mohamed Hassan Alsuwaidi, CEO of ADQ, said: “Our long-term ambition… is to create a provision-centred, digitally enhanced ecosystem that is anchored in world-class clinical excellence, effective population health management and resilient supply chain infrastructure. While we anticipate this will unlock shareholder value, it will also, importantly, deliver positive socio-economic impact with better health outcomes, optimised healthcare spend and more opportunities for local and international talent.”
He added: “We are well on our way to building out a supply chain that ensures greater accessibility of healthcare and pharma products and supplies for the people of Abu Dhabi and beyond.”
Mohamed Hassan Alsuwaidi, CEO of ADQ
Pharmax launched in April a state-of-the-art facility with installed production capacity of more than 250 million tablets and 85 million capsules annually.
Madhukar Tanna, CEO of Pharmax, said: “Joining forces with ADQ will allow us to increase the availability of locally manufactured, quality, affordable generic and complex drugs. At the same time, we will have greater opportunities to increase availability of pharmaceuticals in the UAE while further expanding our distribution in the region.”
Both transactions are subject to customary closing conditions, including regulatory approvals.
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