{"id":617633,"date":"2024-03-25T00:00:00","date_gmt":"2024-03-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/this-evening-mubadala-acquires-adwias-mother-company-kelix-bio-from-dpi-bii-ebrd-consortium\/"},"modified":"2024-03-25T00:00:00","modified_gmt":"2024-03-25T00:00:00","slug":"this-evening-mubadala-acquires-adwias-mother-company-kelix-bio-from-dpi-bii-ebrd-consortium","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/this-evening-mubadala-acquires-adwias-mother-company-kelix-bio-from-dpi-bii-ebrd-consortium\/","title":{"rendered":"THIS EVENING: Mubadala acquires Adwia\u2019s mother company Kelix bio from DPI, BII, EBRD consortium"},"content":{"rendered":"

Good afternoon, folks and happy Monday. <\/strong>The newscycle is picking up as we move through our working week. <\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

Mubadala acquires full stake in Kelix bio from DPI, BII, and EBRD <\/strong>consortium:<\/strong> Abu Dhabi sovereign wealth fund Mubadala has fully acquired pan-African biopharma platform Kelix bio<\/a>, according to a joint statement (pdf)<\/a>. 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.<\/p>\n

Kelix bio is no stranger to Egypt: <\/strong>The selling parties established Kelix bio in November 2020 with an initial investment commitment of USD 250 mn<\/a>, a few days after they poured USD 126 mn to acquire 99.6% of<\/a>Adwia<\/a> \u2014 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\u2019s Celon Labs, Morocco\u2019s 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.<\/p>\n

A mega exit: <\/strong>The parties did not disclose the value of the transaction but said it is \u201cset to be one of the largest private equity exits and [M&A transactions in the pharma sector] in Africa over the last twenty years.\u201d <\/p>\n

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ALSO- The IMF Executive Board is scheduled to meet on Friday, 29 March to discuss Egypt\u2019s program with the fund<\/strong>, Al Arabiya<\/a> 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. <\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

With safety concerns mounting, it\u2019s a one-way ticket for Boeing CEO Dave<\/strong> Calhoun<\/strong>: <\/strong>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<\/a> 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\u2019s share price was up 3.8% in premarket trading on the news, writes Reuters<\/a>. (Bloomberg<\/a> | Financial Times<\/a>)<\/p>\n

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