Abu Dhabi's ADQ has entered into a definitive agreement to acquire Turkish pharmaceutical company Birgi Mefar Group (BMG).
The acquisition will be a strategic addition to the UAE sovereign wealth fund's healthcare & life sciences platform, according to a statement by the Abu Dhabi Media Office on Monday.
No terms for the potential acquisition were disclosed.
BMG makes sterile injectable products, namely vials and pre-filled syringes used for vaccines. It exports to more than 30 countries, including markets across Europe and Asia.
Earlier this year, ADQ, Abu Dhabi’s third-largest sovereign wealth fund, acquired Acino, a Swiss-based pharmaceutical manufacturer.
In 2021, ADQ acquired Pharmax, a leading pharmaceutical manufacturer in the UAE, and Amount in Egypt.
ADQ also retains a minority stake in Biocon Biologics Limited, India’s largest biopharmaceutical company.
The transaction is subject to customary closing conditions, including regulatory approvals, the statement added.
(Reporting by Brinda Darasha; editing by Seban Scaria )