Mubadala Acquires KELIX bio to further Advance UAE’s Life Sciences Ecosystem and expand its footprint in the sector
Abu Dhabi, 25 March 2024 – Mubadala Investment Company PJSC (Mubadala), an Abu Dhabi sovereign investor, has entered into a definitive agreement to acquire KELIX bio, a specialty pharmaceutical business focused on delivering complex generics across emerging markets, to further strengthen the development of the UAE’s life sciences ecosystem, position the UAE as a global leader in the life sciences sector and to support the diversification of the economy in the UAE.
The acquisition is set to boost the UAE’s global standing in life sciences. With Kelix bio specializing in relevant therapy areas and a leadership team experienced in successful buy-and-build strategies globally, the move aligns with Mubadala’s goal to position the UAE prominently in the global life sciences sector.
Dr. Bakheet Al Katheeri, Chief Executive Officer of Mubadala’s UAE Investments Platform, said: “In line with our role as a responsible investor, today’s acquisition is testament to the role Mubadala continues to play in accelerating the nation’s economic diversification through our portfolio companies and national champions.”
He added: “This partnership marks a key milestone in further advancing Mubadala’s position in the life sciences sector, to deliver important long-term socio-economic returns for our nation including improved healthcare, drug security, job creation and GDP impact.”
Ismail Ali Abdulla, Head of UAE Clusters, at Mubadala’s UAE Investments Platform said: “At Mubadala, we are deeply committed to enhancing the well-being of our communities through strategic investments that address critical health care needs. By amplifying our domestic capabilities in producing essential medications via Kelix bio, our goal is to significantly empower the UAE’s healthcare infrastructure, ensuring wider access to life-saving treatments for all citizens. This investment is a testament to our dedication as a responsible investor, emphasizing our commitment to investing in solutions that address the world’s most pressing challenges.”
Hocine Sidi-Said, co-founder, and Chief Executive Officer at KELIX bio commented: “We are immensely grateful to our previous shareholders for their faith in our vision and for supporting a fast-paced acquisition program since inception. With Mubadala’s acquisition of KELIX bio, we embark into an exciting journey that promises to deliver not only economic returns but also cause a durable societal impact in the United Arab Emirates. We are excited to augment the manufacturing capabilities of the nation and drive an innovation agenda in diabetes, oncology, and biologics to name a few.”
The UAE has historically witnessed a high incidence of non-communicable diseases such as cardiovascular disorders, cancer, and diabetes. Yet the nation relies on pharmaceutical imports to meet the needs of patients and healthcare professionals alike. Mubadala’s 100% acquisition of KELIX bio is a strategic investment to advance the UAE’s national life sciences capabilities by fostering innovation and manufacturing partnerships that will further enhance pharmaceutical capabilities regionally. The agreements build on Mubadala’s efforts to establish an Abu Dhabi based national pharma champion, which will enhance the UAE’s pharma infrastructure, address the nation’s most prevalent diseases, reduce healthcare expenditure, strengthen the UAE’s drug security and set another milestone towards a resilient, knowledge-based economy.
Prior to Mubadala’s acquisition, KELIXbio was held by a consortium of investors including Development Partners International (DPI), British International Investment (BII), the UK’s development finance institution and impact investor, and the European Bank for Reconstruction and Development (EBRD).
The transaction’s completion is subject to customary regulatory approvals.
ENDS
About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.
Mubadala’s $276 billion (AED 1,015 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.
For more information about Mubadala Investment Company, please visit: www.mubadala.com
About KELIX bio
Co-founded by Hocine Sidi-Said and Alhadi Alwazir, KELIX bio is a buy-and-build specialty generic business focused on Emerging Markets and designed to compete through innovation and cost leadership. KELIX bio’s purpose is to develop and commercialize affordable specialty products in jurisdictions historically deprived from access to such medications. Since inception, KELIX bio has acquired manufacturing assets in India, Egypt, Malta and in Morocco. It exports its products to over 40 countries across Africa, the Middle East, Asia and Latin America. Founding investors of KELIX are Development Partners International (“DPI”), a premier investment firm focused on Africa, British International Investment (“BII”), the UK government’s Development Finance Institution, and the European Bank for Reconstruction and Development (“EBRD”)
For more information about KELIX bio, please visit: www.kelixbio.com