Abu Dhabi: Julphar, an Emirati pharmaceutical company, has acquired a majority stake in Bangladesh-based RAK Pharmaceuticals for $9.5 million (Dh34.9 million), the company announced on Tuesday.
The acquisition marks Julphar’s entry into Bangladesh and an expansion of its footprint in Asia.
RAK Pharmaceuticals is a subsidiary of RAK Ceramics, and produces various tablets, capsules, and syrups. The company turned over $5.7 million of sales in 2013, representing growth of 24 per cent on the year before.
Julphar and RAK Pharmaceuticals have had a long-term strategic alliance through a joint partnership around technology transfer and a commercial marketing agreement for advanced pharmaceutical products.
