Ras Al Khaimah-based drugmaker Gulf Pharmaceutical Industries (Julphar) has sold its Dubai-based subsidiary Gulf Inject, in line with its goal to focus on its core product portfolio and to strengthen its business.
The 100 percent stake in Gulf Inject, a local manufacturer of intravenous fluids, was sold to GlobalOne Healthcare, a dedicated healthcare investment vehicle of Abu Dhabi’s Yas Holding, Julphar said in a statement.
Sheikh Saqer Al Qasimi Chairman – Julphar
“This deal is in the best interest of Julphar and our shareholders as we intend to maximize value with a strategy that continues to focus on the large and growing core areas of the company. Since its establishment in 1994, Gulf Inject has developed into a leading IV fluids player in the region and achieved a very successful turnaround of its business in recent years. We are confident that under the new ownership, this growth strategy will be taken to the next level.”
Gulf Inject manufactures and distributes sterile parenteral solutions and is a leading player in fluid management therapy in the UAE. From its well-established production facility in Jebel Ali Free Zone, Dubai, Gulf Inject manufactures 65 products including injectables, IV infusions, antibiotics, local anesthetics and hypertonic solutions which are used for the treatment of critical and chronically ill patients.
Mr. Suresh Vaidhyanathan, Group CFO of Yas Holding, said, “The acquisition seeks to generate several synergies that collectively position GlobalOne Healthcare as a premier healthcare investment company in the region. The transaction further reinforces the aspirations of Yas Holding to be a leading investor in local manufacturing, and thereby aligning with UAE’s long-term strategic objectives.”
“We are working on expanding the base of our generic pharmaceutical portfolio to include new and more complex combination products and biological technologies, encouraging innovation and promoting the production of innovative medicines locally,” said Mr. Essam Mohamed, chief executive of Julphar.
The company did not disclose the total value of the transaction but said the deal will have a positive impact on its third-quarter financial results. The latest divestment reduces the total consolidated assets of the group by 3 percent to 4 percent as of June 30, it said in the statement.
The Ras Al Khaimah-based company reported lower losses last year as revenue rose on the back of successful marketing strategies in neighboring countries including Saudi Arabia, Oman, Bahrain and Kuwait.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
