Abu Dhabi’s ADQ buys pharma firm to address shortage of affordable medicine

SourceArabian Business
SectorHealthcare
CountryUAE

Abu Dhabi-based holding company ADQ on Thursday announced two investments to significantly expand its healthcare and pharma portfolio. The company said it has agreed to acquire Pharmax Pharmaceuticals, a UAE-based company which manufactures and markets affordable, branded generic medication while also investing in a minority stake in Biocon Biologics Limited that specialises in developing, manufacturing and marketing high-quality, affordable biosimilars across global markets. ADQ said that through its investment in Pharmax, it is addressing a "shortage of affordable medication" to create a cost-efficient healthcare system in the UAE that balances cost and quality. Senior Mubadala exec says outsourced pharmaceutical services has been a key investment theme for the sovereign investor It added that the equity investment in Biocon Biologics represents an important step towards "developing cutting-edge expertise in high quality biosimilars to target chronic conditions such as diabetes, oncology, immunology". Mohamed Hassan Alsuwaidi, CEO of ADQ, said: “Our long-term ambition... is to create a provision-centred, digitally enhanced ecosystem that is anchored in world-class clinical excellence, effective population health management and resilient supply chain infrastructure. While we anticipate this will unlock shareholder value, it will also, importantly, deliver positive socio-economic impact with better health outcomes, optimised healthcare spend and more opportunities for local and international...read more...