Abu Dhabi ADQ to acquire Turkish pharma company Birgi Mefar

Abu Dhabi ADQ to acquire Turkish pharma company Birgi Mefar

Abu Dhabi's ADQ has entered into a definitive agreement to acquire Turkish pharmaceutical company Birgi Mefar Group (BMG).

The acquisition will be a strategic addition to the UAE sovereign wealth fund's healthcare & life sciences platform, according to a statement by the Abu Dhabi Media Office on Monday.

No terms for the potential acquisition were disclosed.

BMG makes sterile injectable products, namely vials and pre-filled syringes used for vaccines. It exports to more than 30 countries, including markets across Europe and Asia.

Earlier this year, ADQ, Abu Dhabi’s third-largest sovereign wealth fund, acquired Acino, a Swiss-based pharmaceutical manufacturer.

In 2021, ADQ acquired Pharmax, a leading pharmaceutical manufacturer in the UAE, and Amount in Egypt.

ADQ also retains a minority stake in Biocon Biologics Limited, India’s largest biopharmaceutical company.

The transaction is subject to customary closing conditions, including regulatory approvals, the statement added.

(Reporting by Brinda Darasha; editing by Seban Scaria )

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