Abu Dhabi-based holding company ADQ will acquire Acino, a pharmaceutical company based in Switzerland.
ADQ said it had entered into a definitive agreement with the company to acquire 100 percent of its shares from current shareholders, which include Nordic Capital and Avista Capital Partners.
It didn’t disclose the terms of the transaction
The investment builds on ADQ’s intent to develop an integrated pharma platform including drug development, in-licensing, manufacturing and commercial capabilities, the state-owned ADQ said in a statement on Thursday.
Acino works in 20 therapeutic areas including gastroenterology, cardiovascular and pain relief.
Fahad Al Qassim, Executive Director, Healthcare & Pharma at ADQ, said: “Building on a series of strategic acquisitions throughout this year, we are creating a strong platform to fortify the UAE’s position as a regional hub for pharmaceutical manufacturing, commercialisation and distribution in select growth-leading markets.”
ADQ, formerly known as Abu Dhabi Development Holding Co, manages $110 billion in assets and has investments in a broad portfolio of businesses. In the pharmaceutical segment ADQ acquired Egypt’s Amoun Pharmaceutical Co. and Pharmax Pharmaceuticals, a UAE-based pharmaceutical company. Additionally, ADQ purchased a minority stake in India-based Biocon Biologics Limited, which specialises in biosimilars.
The latest acquisition will be ADQ’s largest in the segment, as Acino has a presence in more than 90 countries.
(Reporting by Imogen Lillywhite; editing by Brinda Darasha)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021