Abu Dhabi’s sovereign investor Mubadala Investment Company PJSC (Mubadala) has reached a definitive agreement to purchase KELIX bio, a specialty pharmaceutical company that focuses on providing complex generic drugs in emerging markets. This acquisition aims to strengthen the development of the life sciences ecosystem in the UAE, establish the UAE as a global leader in the life sciences sector, and contribute to the diversification of the country’s economy.
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KELIX bio, established in November 2020, has successfully acquired manufacturing businesses in India, Egypt, Malta, and Morocco. They have effectively commercialized a wide range of oral and injectable formulations covering various therapy areas such as diabetes, oncology, cardiology, and central nervous systems.
This acquisition is expected to enhance the UAE’s international reputation in the field of life sciences. With KELIX bio specializing in relevant therapy areas and a leadership team experienced in successful buy-and-build strategies worldwide, this move aligns with Mubadala’s objective of positioning the UAE prominently in the global life sciences sector.
Anticipated benefits
Dr. Bakheet Al Katheeri, chief executive Ooficer of Mubadala’s UAE Investments Platform, acknowledged that the recent acquisition aligns with Mubadala’s commitment as a responsible investor, contributing to the nation’s economic diversification through their portfolio companies and national champions.
He added that this partnership represents a significant milestone for Mubadala, further strengthening their position in the life sciences sector.
Al Katheeri further said the long-term socio-economic benefits expected from this acquisition include improved healthcare, drug security, job creation, and an impact on the GDP.
Enhancing healthcare infrastructure
For his part, Ismail Ali Abdulla, head of UAE Clusters at Mubadala’s UAE Investments Platform, emphasized the organization’s deep commitment to enhancing community well-being through strategic investments that address critical healthcare needs.
He also noted that by enhancing domestic capabilities in producing essential medications through Kelix bio, their goal is to empower the UAE’s healthcare infrastructure and ensure wider access to life-saving treatments for all citizens.
Abdulla further said this investment serves as a testament to their dedication as a responsible investor, highlighting their commitment to investing in solutions that address pressing global challenges.
Unlocking economic returns and beyond
Hocine Sidi-Said, co-founder, and chief executive officer at KELIX bio, expressed immense gratitude to their previous shareholders for their trust in their vision and support throughout the fast-paced acquisition program.
He said that with Mubadala’s acquisition of KELIX bio, they embark on an exciting journey that promises not only economic returns but also a lasting societal impact in the UAE.
Diversified investment portfolio
Mubadala, which invests on behalf of the Abu Dhabi government, plays a central role in the emirate’s endeavors to broaden its sources of income and reduce dependence on oil. Its investments cover various sectors such as aerospace, semiconductors, metals and mining, renewable energy, oil and gas, and petrochemicals, spanning six continents.
Recently, Mubadala has shifted its focus towards life sciences and pharmaceutical investments, rapidly expanding its healthcare portfolio. Notably, Mubadala and G42, an artificial intelligence company, joined forces to create M42, a technology-driven healthcare company aimed at advancing medical research and capabilities in the UAE capital. The formation of M42 resulted from the merger of Mubadala’s and G42’s healthcare units, which was initially announced in October 2022.
Furthermore, in January 2023, Mubadala teamed up with National Resilience, a technology-oriented manufacturing company, to establish a new biopharma manufacturing facility in the UAE.
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