Abu Dhabi investment giant ADQ continues pharma push with buy of Turkey's Birgi Mefar Group
ADQ has since last year been on an investment spree in pharmaceutical plays
Dubai: The Abu Dhabi investment holding company ADQ will buy Birgi Mefar Group (BMG), one of Turkey’s leading producers of sterile injectable products. The move continues ADQ’s ongoing push to secure a prominent direct investment role in the global pharma space.
It was recently that ADQ acquired Acino, a Swiss-based pharmaceutical manufacturer with presence in more than 90 countries. And last year, ADQ acquired Pharmax, a UAE based pharmaceutical firm, and Amoun, the Egyptian pharma major. The Abu Dhabi firm also retains a minority stake in Biocon Biologics, one of India’s bigger biopharmaceutical company.
“Turkey is an important market for our investments, and BMG brings with it a strong presence throughout the pharmaceutical supply chain, from drug development and manufacturing to packaging and cold chain distribution,” said Fahad Al Qassim, Executive Director, Healthcare & Life Sciences Portfolio at ADQ. “With this integrated capability, we believe it can enhance local expertise and build on the UAE’s ability to manufacture and distribute quality health products as the region’s leading pharmaceutical hub.”
ADQ through a series of investments is building an integrated healthcare and life sciences platform in the UAE. It will provide ADQ exposure to a ‘fast-growing market of injectables and high-value treatments, such as vaccines as well as access a wide customer network ranging from large multinationals to local and regional players’.
The latest acquisition will also add further impetus to BMG’s manufacturing, distribution and commercialization capabilities, including the provision of sterile health products and injectable solutions.