The Dubai-based investment firm, which is listed on the
French drug maker
In his comments,
"We believe that the new partnership being forged with
DI commercialised Globalpharma in 2003 and grew the company to become a market leader in certain therapies. Globalpharma is currently registered in more than 14 countries across the GCC, Middle Eastern and neighbouring markets. Globalpharma manufactures pharmaceutical products under CGMP conditions including antibiotics, cardiovascular, anti-ulcerants, painkillers, food supplements, vitamins, anti-diabetics, respiratory products and anti-allergic formulations. Globalpharma has achieved healthy double-digit growth year-on-year since 2010.
Kalban said: "The investment case for Globalpharma was compelling, as it was to operate in a pharmaceutical market which was expected to have uninterrupted growth in the region over coming years, driven by favorable demographics and increasing GDP per capita. The penetration of generic drugs manufacturing, which has historically been low in in the region, is now gradually increasing to European levels. We started Globalpharma and brought the right team and the right product mix. It is now time for a firm such as
DI's divestment and agreement with
Kalban said: "
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