Mubadala Investment Company’s unit Kelix bio has bought four of GlobalOne Healthcare Holding’s (GHH) pharma assets in an effort to develop the UAE’s life sciences ecosystem.
As part of the deal, Kelix bio acquired GHH’s Bioventure, Bioventure Healthcare, Gulf Inject and Wellpharma, Mubadala said in a statement on Monday.
The company did not disclose the total value of the transaction, but said the deal enhances the "UAE's pharmaceutical infrastructure, addresses prevalent diseases, secures drug supply" and reduces healthcare costs.
GHH is a healthcare division of the UAE-based investment company Yas Holding that has interests in sectors including health care, aviation, technology and real estate.
The new deal was concluded after Mubadala last month bought Kelix bio, an emerging markets-focused speciality pharmaceutical company. This is the first acquisition made by Kelix bio after Mubadala bought it.
“The rapid completion of the Kelix bio acquisition and this subsequent transaction demonstrate our commitment to building a thriving life sciences sector in the UAE and supporting our nation’s ambition for a knowledge-based economy," said Bakheet Al Katheeri, chief executive of UAE Investments Platform at Mubadala. "We continue to seek partnerships and investments that align with our strategic goals, as we aim to generate value for our stakeholders while strengthening the UAE's position in this critical global industry."
Bioventure is a bio-pharmaceutical company in the UAE that specialises in “biotech and generics commercialisation” and has a global presence, while Bioventure Healthcare produces soft gelatin capsules for pharmaceutical and supplement products, Mubadala said.
Wellpharma is involved in the production of therapeutic products for intravenous therapies and dialysis.
The latest deal comes as Mubadala, which invests on behalf of the Abu Dhabi government, continues to expand its portfolio in sectors including health care and life sciences. In August, Mubadala, in partnership with CBC Group, acquired UCB Pharma's unit in China to expand its healthcare portfolio.
Last year, Mubadala and the UAE's artificial intelligence company G42 launched M42, a “tech-enabled” healthcare company designed to advance medical research and capabilities in Abu Dhabi. M42 was formed through a merger between the healthcare units of Mubadala and G42 that was first announced in October 2022.
In January last year, Mubadala and technology-focused manufacturing company National Resilience signed a deal to establish a new biopharma manufacturing facility in the UAE.
Mubadala has assets worth $302 billion spanning six continents.
"The acquisition of four GHH assets by Kelix bio significantly enhances the UAE's local life sciences capabilities through strategic investments," it said. "This move aligns with government initiatives such as Operation 300bn and Make it in the Emirates, which aim to strengthen the country's manufacturing sector."
As part of the Operation 300bn strategy, the UAE plans to increase the industrial sector's contribution to the country's gross domestic product to Dh300 billion ($81.68 billion) by 2031, from Dh133 billion in 2021. The UAE, the Arab world's second-largest economy, is also encouraging companies to manufacture products locally through the Make it in the Emirates initiative.
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