Egyptian generic-drug maker Adwia Pharmaceuticals has been acquired by an investment company supported by the European Bank for Reconstruction and Development (EBRD).
The other two founding shareholders of the investment platform, focussed on availability and affordability of medicines, include private equity firm Development Partners International (DPI) and UK-based development finance institution CDC Group, EBRD said in a statement on Monday.
The statement said the investment would help the Egyptian company modernise its manufacturing assets, introduce products with higher added value and improve its health and safety standards, product quality and governance.
It added that Adwia would also benefit from the drug development knowhow of Celon Laboratories, an Indian oncology and critical-care product specialist acquired by the investment platform.
EBRD and DPI have contributed $75 million each in equity to the new company's initial capital of $250 million while CDC Group has contributed $100 million.
(Writing by Syed Ameen Kader; Editing by Anoop Menon)
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(anoop.menon@refinitiv.com)
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