UAE pharmaceutical company Julphar is done with its funding round
Quantum Genomics has signed a production agreement with Julphar, a Ras Al Khaimah-based company. As a biopharmaceutical company specializing in the development of cardiac drugs, the first sells and manufactures firibastat, a drug used to control blood pressure. Additionally, Julphar acquired a 100% stake in Dubai-based pharmaceutical distribution company Planet Pharmacies. It previously held 40%, and the increase in this percentage will help the group to position itself competitively in the regional health sector. (In a similar move to focus on its core business, Julphar sold Gulf Inject, a Dubai-based subsidiary, in September to GlobalOne Healthcare, a division of Yas Holding of Abu Dhabi.)
Julphar is likely to invest in its research and development function as part of its business strategy. Another goal is to continue building partnerships to bring high quality generics and first class treatments to the region. In line with the UAE government’s healthcare agenda, Julphar plans to launch more than 15 new products in 2022, securing local supply chains of lifesaving pharmaceuticals and implementing cutting-edge technologies to support the local manufacture of high quality products.
The group has made significant progress in its transformation program and has strengthened management with several new recruitments at the highest levels. This helped drive its pioneering transformation program and restore Julphar’s position as a leading pharmaceutical company.