Dubai Investments PJSC [DFM: DIC], the diversified leading company listed on the Dubai Financial Market, today announced the acquisition of an additional 66% stake in Globalpharma. Following the acquisition, made through Dubai Investments Industries, the pharmaceuticals company will now be a wholly owned subsidiary of Dubai Investments.
In 2014, Dubai Investments divested a 66% stake and had continued to hold a minority 34% equity in the subsidiary.
Khalid Bin Kalban, Managing Director and CEO of Dubai Investments PJSC, said: “Our original investment in Globalpharma was well timed and good for the growth of the healthcare sector in the UAE and region. We see the strategic benefit for making this acquisition. It forms part of the Dubai Investments growth strategy, and underscores our commitment to creating more value for our shareholders.
“Our healthcare portfolio includes different stakes in KCH Healthcare LLC, Clemenceau Medical Centre, tie ups with hospital operators such as NMC in Dubai Investments Park and Mirdif Hills. These investments not only achieve key business objectives for Dubai Investments and support the Dubai economy, they also contribute to the wellbeing of the UAE, improve the reputation of Dubai as a hub for world-class medical care and align with the long term plans of the UAE government for sustainability and progress in fields such as health and science.”
Established in 1998 and headquartered in Dubai Investments Park, Globalpharma grew to become a market leader in certain generic medicines with a strong regional footprint. Globalpharma manufactures and markets pharmaceutical products in more than 14 countries across the GCC, Middle East and neighbouring markets.
Globalpharma manufactures and commercializes pharmaceutical products under CGMP (current good manufacturing practice) conditions including antibiotics, cardiovascular, anti-ulcerants, analgesic, NSAIDs (Nonsteroidal anti-inflammatory drugs), food supplements, vitamins, anti-diabetics, respiratory products and anti-histamine formulations.