DUBAI: French drugmaker Sanofi is leading an investor group buying a 66 percent stake in the Globalpharma unit of Dubai Investments, the Gulf-based diversified investment group said yesterday.
Under the agreement, Globalpharma will be managed as a Sanofi company and will become the platform to manufacture and promote its generic drugs portfolio in the Middle East.
No purchase price was given in the bourse filing in Dubai, but Dubai Investments — which will retain the remaining 34 percent of the firm — said the deal had generated an internal rate of return of 26 percent over a ten-year period.
“We believe that the new partnership being forged with Sanofi will propel Globalpharma to the next level of its growth,” said Khalid bin Kalban, CEO of Dubai Investments. Reuters
