Dubai Investments (DFM: DIC) announced last week that it will purchase an additional 66% stake in pharmaceutical company Globalpharma, giving it full ownership of the company. Dubai Investments invest in a number of sectors, including healthcare and education in the UAE and the Middle East.
You’re not alone if this story sounds familiar. Sanofi (NASDAQ: SNY) purchased a 66% majority stake of Globalpharma from Dubai Investments in 2014, leaving the latter company only a 34% minority stake up until last week’s deal.
Globalpharma manufactures and commercializes generic medicines, and Sanofi integrated Globalpharma as its platform to manufacture and promote the generics portfolio of Sanofi in the Middle East.
Dubai Investments acquisition of Globalpharma compliments its other investments around the Middle-East, such as KCH Healthcare LLC and Clemenceau Medical Centre, a hospital management company and medical treatment center, respectively. Globalpharma’s generics portfolio could add significant value to Dubai Investments’ healthcare portfolio and lead to substantial growth in the Middle-East and the United Arab Emirates.
Dubai Investments reported an income of $2.78 million in 2017.