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Abu Dhabi sovereign wealth fund Mubadala continues its acquisition spree with two fresh acquisitions in the biopharma and crypto sectors.
#1- 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 for an undisclosed sum, according to a press release. The acquisition is still pending regulatory approval.
Who’s selling: Kelix bio’s co-founders — Development Partners International (DPI), British International Investment (BII), and the European Bank for Reconstruction and Development (EBRD) — will all be fully exiting their investments in the platform, according to the press release. Representatives from DPI, Kelix bio and the EBRD declined to comment on the financial details of the acquisition when Enterprise reached out.
More on Kelix bio: The selling parties established Kelix bio in November 2020 with an initial investment commitment of USD 250 mn. The company is the first pan-African biopharmaceutical platform dedicated to increasing accessibility to essential medication in developing markets. The platform's revenues top USD 150 mn, with critical medicines accessible in 50+ countries spanning Africa, Latin America, Southeast Asia, and the Middle East.
What Kelix bio has in its arsenal: With initial funding and subsequent investments from DPI and BII, Kelix Bio expanded its operations, acquiring companies like Egypt’s Adwia, India’s Celon Labs, Morocco’s PHI, and Kelix Bio Malta.
Advisors: Allen & Overy LLP served as legal advisors to DPI, BII, and EBRD for the transaction.
#2- Mubadala is also buying a USD 500 mn stake in US-based AI startup Anthropic from Sam Bankman-Fried’s bankrupt crypto exchange FTX, according to a court filing (pdf) on Friday. Mubadala is the biggest buyer in a consortium of buyers snapping up two-thirds of FTX’s 8% stake in the company.
In context: The company, currently owned by now-defunct FTX and backed by major players like Amazon and Google, is being sold for more than USD 1 bn to settle FTX's debts.
ICYMI- Saudi Arabia was excluded from the bidding process reportedly due to “national security concerns.” This comes as Western governments are becoming more prone to giving a second glance at offshore investment in key sectors including AI, media, and technology. Other high-profile examples included the UK’s bid to ban foreign media ownership after a bid by UAE-backed RedBird IMI for the Telegraph (we have more on this in What We’re Tracking Today, above) and a bid in Washington to force the sale of Tiktok.
BACKGROUND- Mubadala has been on an investment spree as of late, with four investments made public this month alone. The fund has invested in the US’ Blue Opal Capital’s second venture capital fund and global management firm Apollo’s private credit fund, and made a follow-on investment into African mobility firm Moove. The fund has more in the pipeline, including a potential investment in Heathrow Airport and South Korea.
