03 April 2017
The Gulf Investment Corporation (GIC), based in Kuwait, has successfully completed the acquisition of a significant minority stake in the Sudair Pharmaceuticals Company, the owner and the developer of the Sudair Specialized Pharmaceuticals Complex.
The company is planning to set up a specialized pharmaceutical complex in a phased manner.
The first phase focuses on high-end generic drugs for cancer treatment.
The plant is the first of its kind in the Middle East, which will serve the region with the latest pharmaceutical technologies.
Mohammad Abdulaziz Al-Fares, head of the GIC's diversified projects division, said: “In line with our strategy to invest in the healthcare and pharmaceutical sector, we have entered as a major investor with a stake of 35 percent of the pharmaceuticals company's share capital."
He said: “Our move will boost the GIC’s role in developing the specialized pharmaceutical industries sector in the region.”
This type of vital investments will effectively contribute to drug security by serving a critical segment of patients at competitive prices, said Al-Fares.
Dr. Yasser Al-Obaida, board member and CEO of Sudair Pharmaceuticals Company, said: “This investment is part of the company’s plan to attract strategic partnerships that will open new horizons for further nationalization.”
The company will also train a number of national cadres in these specialized pharmaceutical industries, said the CEO.