Good afternoon, folks and happy Monday. The newscycle is picking up as we move through our working week.

THE BIG STORY TODAY

Mubadala acquires full stake in Kelix bio from DPI, BII, and EBRD consortium: Abu Dhabi sovereign wealth fund Mubadala has fully acquired pan-African biopharma platform Kelix bio, according to a joint statement (pdf). The selling partners in the acquisition of Kelix bio include its co-founders Development Partners International (DPI), British International Investment (BII), and the European Bank for Reconstruction and Development (EBRD). The acquisition is still pending regulatory approval.

Kelix bio is no stranger to Egypt: The selling parties established Kelix bio in November 2020 with an initial investment commitment of USD 250 mn, a few days after they poured USD 126 mn to acquire 99.6% ofAdwia — one of the leading generic pharma companies in Egypt, exporting to the Middle East, Africa, and Eastern Europe. The platform also has subsidiaries across emerging markets, including India’s Celon Labs, Morocco’s PHI, and Kelix bio Malta. The platform’s revenues currently top USD 150 mn, with critical meds accessible in 50+ countries spanning Africa, Latin America, Southeast Asia, and the Middle East.

A mega exit: The parties did not disclose the value of the transaction but said it is “set to be one of the largest private equity exits and [M&A transactions in the pharma sector] in Africa over the last twenty years.”

ALSO- The IMF Executive Board is scheduled to meet on Friday, 29 March to discuss Egypt’s program with the fund, Al Arabiya reports, citing unnamed sources it says are in the know. The board has yet to put Egypt on its public schedule, which extends until 3 April.

THE BIG STORY ABROAD

With safety concerns mounting, it’s a one-way ticket for Boeing CEO Dave Calhoun: Driving interest in the foreign press this afternoon, a management shake up at beleaguered aircraft manufacturer Boeing will see the current CEO Dave Calhoun step down from his role at the end of 2024. Boeing flights have suffered a number of incidents in the past months including losing a fuselage panel mid-flight, jammed flight controls during landing and a report accusing Boeing of a lack of safety awareness. The manufacturer’s share price was up 3.8% in premarket trading on the news, writes Reuters. (Bloomberg | Financial Times)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Valu is back with another securitization issuance: EFG Holding’s fintech arm Valu has closed an EGP 888 mn securitized bond issuance.
  • Sugar producers hike factory prices: State-owned sugar producers have ramped up their factory price of sugar by up to 33% to the Supply Ministry-imposed ceiling of EGP 32k per ton on the back of rising production costs triggered by the EGP float.
  • Gov’t to stock up on strategic reserves as it gears up for market intervention: Prime Minister Moustafa Madbouly has directed the government to study a plan to ramp up strategic reserves of basic commodities by 20%.

🌤️ TOMORROW’S WEATHER- The mercury is on an upward climb this week, so expect a partly cloudy day tomorrow with highs of 27°C and a low of 15°C, according to our favorite weather app.

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