One of the largest life sciences companies in the region, with operations on four continents, is being formed by Abu Dhabi sovereign wealth fund ADQ through the consolidation of some of its pharmaceutical assets.
Turkish company Birgi Mefar Group, Swiss company Acino International, and Egyptian company Amoun Pharmaceutical Co. will all be part of the new organization. There will be more than 6,500 employees working for the holding company, Arcera, in 90 countries.
According to an ADQ statement, Arcera wants to acquire and form partnerships to double its revenue over the next five years. Today, the company sells 2,000 branded medications, and its production and packaging sites are located in Egypt, South Africa, Turkey, Estonia, Switzerland, the United Arab Emirates, and Ukraine.
According to earlier reports from Bloomberg, ADQ was thinking about doing this and eventually intended to list the new company. That would be similar to how PureHealth, the biggest healthcare provider in the United Arab Emirates, was established through the merger of multiple businesses. In December, the company went public with a $1 billion listing, and it saw an 84% increase in value.
After the Abu Dhabi Investment Authority and Mubadala Investment Co., ADQ is the third-largest sovereign wealth fund in Abu Dhabi, with an estimated $200 billion in assets.
Saudi Arabia, a neighbor, has also gained ground in the pharmaceutical industry. To entice biotech and pharmaceutical companies to invest in drug manufacturing, the Public Investment Fund established a new organization last year.
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