ADQ acquires Swiss pharmaceutical company Acino
ADQ, one of the largest holding companies in the region, has reached a definitive agreement to purchase Swiss pharmaceutical company Acino, marking its largest healthcare and pharmaceuticals transaction to date.
The Abu Dhabi company will acquire 100% of Acino from its current shareholders, which include Nordic Capital and Avista Capital Partners, he said.
The company did not disclose the full value of the transaction.
“Building on a series of strategic acquisitions throughout this year, we are creating a strong platform to strengthen the UAE’s position as a regional hub for the manufacturing, marketing and distribution of products. pharmaceuticals in certain growth markets, ”Fahad Al Qassim, executive director, healthcare and pharma at ADQ, said.
“With the company’s experience in the industry and its broad reach, Acino will enable ADQ to deliver an even higher level of growth, innovation and ambition across the pharmaceutical value chain. “
Acino, based in Zurich, is present in more than 90 countries. The company manufactures pharmaceuticals covering 20 therapeutic areas, including gastroenterology, cardiovascular relief and pain relief.
“Acino’s strong management, marketing capabilities, diverse product portfolio and licenses in many emerging markets will be critical to ADQ’s long-term strategy of growing its integrated pharmaceutical platform and responding to the need for high quality and affordable medicines in the UAE and the wider region. », Declared the ADQ.
The transaction is subject to regulatory approvals.
Established in 2018, ADQ has a portfolio of companies in important sectors of Abu Dhabi’s non-oil economy such as tourism and hospitality, aviation, transport, logistics, industry, real estate, media, health, agribusiness and financial services.
Its portfolio includes Abu Dhabi Power Corporation, Abu Dhabi Airports, Abu Dhabi Ports, Etihad Rail, healthcare provider Seha, insurer Daman, Abu Dhabi National Exhibitions Company and media companies Abu Dhabi Media and twofour54.
The company has also increasingly focused on the pharmaceutical sector, expanding its reach within the industry with a series of acquisitions in recent months.
Earlier this year, ADQ acquired Amoun Pharmaceutical Company, an Egypt-based pharmaceutical and animal health manufacturer, distributor and exporter for $ 470 million, and Pharmax Pharmaceuticals, a United Arab Emirates-based pharmaceutical company that manufactures and markets affordable brand-name generic drugs.
ADQ also bought a minority stake in Indian company Biocon Biologics, which specializes in the development, manufacture and commercialization of affordable and high-quality biosimilars in global markets.
In March, ADQ signed an agreement to merge its Rafed and Union71 healthcare entities with Dubai-based Pure Health to create a leading provider of healthcare support services. As part of the deal, the Abu Dhabi conglomerate transferred its ownership of Rafed and Union71 to Pure Health for a stake in the merged entity.
Investments in the health sector have increased amid the pandemic, which has given a boost to pharmaceuticals, long-term care facilities and diagnostic services.
Other companies in the region are also investing heavily in the health sector.
Dubai-listed investment firm Amanat Holdings acquired Cambridge Medical and Rehabilitation Center for $ 232 million in one of the region’s largest healthcare deals in March this year.
Pharmaceutical companies, especially those that make vaccines, have generally performed well. Pfizer announced a 59% annual increase in second-quarter net profit, as the vaccine developed alongside German pharmaceutical company BioNTech against Covid-19 added $ 7.8 billion to the company’s sales.
Vaccine maker Moderna also enjoyed a second quarter loss over the same period a year ago as its Covid-19 shot proved to be effective. The company said it has signed orders worth $ 20 billion for Covid-19 vaccines for 2021 and has also agreed to $ 12 billion in vaccine sales for next year with options for $ 8 billion. more dollars.
Updated: September 16, 2021 10:19 AM