Mubadala Investment Company PJSC (Mubadala), an Abu Dhabi sovereign investor, has acquired Kelix bio, a pharmaceutical business focused on delivering complex generics across emerging markets.
The investment aims to strengthen the development of the UAE’s life sciences ecosystem, position the UAE as a global leader in the life sciences sector and support the diversification of the economy in the UAE, the press release said.
Mubadala has acquired the company from a consortium of investors, including Development Partners International, British International Investment and the European Bank for Reconstruction and Development.
KELIX bio was incepted in November 2020 and has its headquarters in the Dubai International Financial Centre (DIFC). In the past four years, it has acquired manufacturing businesses in India, Egypt, Malta and Morocco and commercialised a broad range of oral and injectable formulations covering diverse therapy areas including diabetes, oncology, cardiology, and central nervous systems.
“Today’s acquisition is testament to the role Mubadala continues to play in accelerating the nation’s economic diversification through our portfolio companies and national champions,” said Dr. Bakheet Al Katheeri, Chief Executive Officer of Mubadala’s UAE Investments Platform.
“This partnership marks a key milestone in further advancing Mubadala’s position in the life sciences sector, to deliver important long-term socio-economic returns for our nation including improved healthcare, drug security, job creation and GDP impact.”
Mubadala is at the heart of Abu Dhabi’s efforts to diversify its revenue base away from oil.
Last month, Mubadala and Bpifrance, the French public investment bank made a joint investment in global technology investment firm Partech’s latest Africa-focused venture capital (VC) fund, Partech Africa II.
Mubadala has also partnered with Abu Dhabi’s Artificial Intelligence and Advanced Technology Council (AIATC) and G42 to launch a new technology investment company, focused on artificial intelligence (AI); signed a $1 billion partnership with Goldman Sachs to co-invest in private credit opportunities in the Asia-Pacific region; and entered into a strategic partnership with US-based fund-of-funds venture capital firm Blue Opal Capital.
