The UAE-based pharmaceuticals company Julphar has acquired full control of Planet Pharmacies LLC, a leading regional pharmaceutical distributer. The acquisition is expected to add to the drug maker’s Q3 2021 bottom line.
Julphar, which previously held a 40 percent equity stake in the company, has signed an agreement to acquire the remaining 60 percent stake, previously held by Kamco Invest private equity funds and co-investors, it said in a statement Tuesday on the Abu Dhabi Stock Exchange where it is listed.
“The strategic addition of Planet Pharmacies to Julphar’s portfolio extends the existing pharmaceutical manufacturing and marketing capabilities of the group into the distribution and retail segments of the pharmacy healthcare sector across the UAE, KSA, Oman,” the company said.
Dr. Essam Mohamed, Chief Executive Officer of Julphar, said: “By fully acquiring Planet Pharmacies, we will create end to end pharma value chain from production, manufacturing, distribution, and retail. This translates into competitive pricing and the efficient delivery of our quality products.”
This acquisition will also allow Julphar to accelerate the growth of its business in the region, he added.
Planet Pharmacies is a joint venture between Kuwait's Global Investment House and Julphar with operations in the UAE, Saudi Arabia and Oman.
Last month, Julphar sold its controlling stake in Alpha Pharma, a pharmaceutical manufacturing plant in Saudi Arabia. Alpha Pharma was a joint venture between Julphar and Cigalah Group.
(Writing by Brinda Darasha; editing by Seban Scaria)
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