Mubadala acquires full stake in Kelix bio from DPI, BII, and EBRDconsortium: 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), the UK government’s 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% of Adwia — 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.

And nor are DPI, BII, and the EBRD: The London-based private equity outfit DPI recently acquired minority stakes in local pharma player Marcyrl and is reportedly eyeing up a 37% stake in EGX-listed Middle East Glass. DPI was also joined by BII last year in an alliance that invested USD 165 mn in supermarket chain Kazyon. The UK government’s investment fund has also helped back state banks and supported several Africa-focussed investment platforms for water security and tech startups. The EBRD is also an important part of the investment landscape in Egypt, with a long track record of supporting MSMEs, funding our green energy ambitions, and has invested USD 11.5 bn in the country to date — 59% of which went to the private sector.

A mega exit: The statement did not disclose the value of the transaction but said it is “set to beone of the largest private equity exits and [M&A transactions in the pharma sector] in Africa over the last twenty years.” Representatives from Mubadala, DPI, Kelix, and the EBRD declined to comment on the financial details of the acquisition when Enterprise reached out to them yesterday.

Advisors: Allen & Overy served as legal advisors to DPI, BII, and EBRD for this transaction.

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