Dubai Investments, which is listed on the Dubai Financial Market (DFM), said the acquisition was made through Dubai Investments Industries, without disclosing the name of the party from which the stake was acquired.
Dubai Investments had previously sold a 66 percent stake in the company in 2014, retaining the remaining 34 percent, the statement noted.
In October 2014, the company said in a statement filed with DFM that French pharma company Sanofi had acquired a significant stake in Globalpharma from Dubai Investments. It had noted then that Globalpharma would be integrated as a Sanofi Company to become the platform to manufacture and promote the generics portfolio of Sanofi in Middle East markets.
Managing director and CEO Khalid Bin Kalban was quoted as saying in the statement issued on Thursday that the original investment in Globalpharma was “well timed and good for the growth of the healthcare sector in the UAE and region”.
“We see the strategic benefit for making this acquisition. It forms part of the Dubai Investments growth strategy, and underscores our commitment to creating more value for our shareholders,” he said.
Dubai Investments’ healthcare portfolio includes different stakes in KCH Healthcare, Clemenceau Medical Centre, and tie-ups with hospital operators such as NMC in Dubai Investments Park and Mirdif Hills.
Globalpharma manufactures and markets pharmaceutical products under CGMP (Current Good Manufacturing Practice) conditions in more than 14 countries across the Middle East and neighbouring markets.
(Writing by Anoop Menon; Editing by Michael Fahy)
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