Mubadala Investment Company has agreed to acquire a minority stake in US healthcare technology company Zelis, marking the Abu Dhabi sovereign investment arm's largest deal in the healthcare sector even as it focuses on investments in Asia.
Mubadala is leading the Zelis deal, along with other investors including Norwest and HarbourVest, it said in a statement on Thursday. The size and value of the deal were not disclosed. Parthenon and Bain Capital remain the majority owners of Zelis.
"Zelis is helping to streamline the US healthcare financial experience, which is complex and in need of technology-driven solutions that can unlock efficiencies and create better outcomes for everyone engaged in the care journey,” Mina Hamoodi, head of healthcare investments at Mubadala, said.
“This is the largest investment that we have made in the healthcare space and our first meaningful venture into payer and provider tech, priority sub-sectors for us within healthcare IT."
Zelis operates a platform that helps to digitalise payments in healthcare and works with hundreds of health payers to manage claims and negotiate with providers. It currently serves 770 insurers in the US.
Mubadala, which invests on behalf of the Abu Dhabi government, is at the centre of the emirate’s efforts to diversify its revenue base and generate income from sources other than oil. Its interests span six continents and includes the aerospace, semiconductors, metals and mining, renewable energy, oil and gas, and petrochemicals sectors.
In recent years, it has pivoted to life sciences and pharmaceutical investments and has also expanded its healthcare portfolio at a rapid pace.
In October, Mubadala's unit Kelix bio bought four of GlobalOne Healthcare Holding’s (GHH) pharma assets in an effort to develop the UAE’s life sciences ecosystem.
In August, Mubadala and Asia's largest healthcare-focused manager CBC Group also jointly acquired UCB Pharma's unit in China.
Separately, a senior official at Mubadala on Thursday said it is a "good time" to invest in China even as many US-based investors pull their money out of the Asian country amid growing economic and geopolitical uncertainty.
"We actually think it's a good time to invest now. That said, we have to tailor our investment strategy given the current geopolitical environment," Camilla Languille deputy chief executive of Direct Investments Platform at Mubadala Investment Company, said.
"For China plays, we look at companies where the customer demand and the supply chains are both local. We prefer companies with strong cash flows, so that we have the flexibility to hold the asset for longer, should the optimal window for exit not materialise on time," she told attendees at the Milken Institute Middle East and Africa Summit held in Abu Dhabi.
Figures compiled by Bloomberg show that the volume of deals from Middle Eastern firms into Greater China has already reached a record $9 billion as of September this year.
India, the world's most populous country, has also been a "core focus" for Mubadala in Asia, Ms Languille said. The country has high asset valuations relative to other markets in Asia, but the rapid growth of Indian's middle-class is creating new opportunities.
"We're long-term investors, so we double down on themes that we believe have structural tailwinds over extended periods of time," Ms Languille said.
"In India that that's really focused on the rising proportion of the middle class [and] the upper middle class ... when people have more money, they tend to spend on two things: health care and education."
In February, Mubadala invested in India’s Manipal Health Enterprises, which operates more than 30 hospitals across the country, serving about six million patients per year.
How Alia's experiment will help humans get to Mars
Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.
Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.
After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.
Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.
It also means that the first DNA experiments using human genomes can now be carried out on the ISS.
Zayed Sustainability Prize
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Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
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Lightweight (female)
Sara El Bakkali bt Anisha Kadka
Bantamweight
Mohammed Adil Al Debi bt Moaz Abdelgawad
Welterweight
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Featherweight
Mohammed Al Katheeri bt Abrorbek Madaminbekov
Super featherweight
Ibrahem Bilal bt Emad Arafa
Middleweight
Ahmed Abdolaziz bt Imad Essassi
Bantamweight (female)
Ilham Bourakkadi bt Milena Martinou
Welterweight
Mohamed Mardi bt Noureddine El Agouti
Middleweight
Nabil Ouach bt Ymad Atrous
Welterweight
Nouredine Samir bt Marlon Ribeiro
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Brad Stanton bt Mohamed El Boukhari
IF YOU GO
The flights: FlyDubai offers direct flights to Catania Airport from Dubai International Terminal 2 daily with return fares starting from Dh1,895.
The details: Access to the 2,900-metre elevation point at Mount Etna by cable car and 4x4 transport vehicle cost around €57.50 (Dh248) per adult. Entry into Teatro Greco costs €10 (Dh43). For more go to www.visitsicily.info
Where to stay: Hilton Giardini Naxos offers beachfront access and accessible to Taormina and Mount Etna. Rooms start from around €130 (Dh561) per night, including taxes.
Jetour T1 specs
Engine: 2-litre turbocharged
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UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
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Smoother border management with use of e-gates
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Specs
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Richard Jewell
Director: Clint Eastwood
Stars: Paul Walter Hauser, Sam Rockwell, Brandon Stanley
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Starring: Daniella Weiss, Ari Abramowitz
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The specs: Macan Turbo
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Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
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