MOROCCO – KELIX bio, a unique pan-African biopharmaceutical platform, has entered into a binding commitment to acquire Pharmaceutical Institute (PHI).
The acquisition, which will be financed through a US$200 million second round of funding into KELIX bio led by DPI and CDC/BII, is subject to regulatory approvals in Morocco.
Founded in 1989 by the Sedrati family, PHI is a leading manufacturer and distributor of pharmaceutical products in Morocco.
The company has a strong international partners network and complementary manufacturing capabilities that will support KELIX bio’s strategy to create local ecosystems for production and distribution.
The proposed acquisition will mark KELIX bio’s first entry into Morocco, an important market on the continent, and gateway into the Francophone Africa pharma market, as it accelerates its expansion across the region.
It will also enable PHI to expand its existing product range, benefitting from KELIX bio’s research and development capabilities, cross-selling synergies, and economies of scale it will provide.
“We are privileged to have reached an agreement with the founders and look forward to welcoming them to KELIX bio,” said Hocine Sidi-Said, Chief Executive Officer at KELIX bio.
“We believe we have found in KELIX bio and its management the right home for our company and are excited about what the future holds for us,” said Ali Sedrati, founder CEO PHI.
There is significant demand in Africa for affordable specialty drugs, accessible to underserved communities that need them the most.
KELIX bio, a US$750 million pan-African buy, and build platform was established in 2020 by DPI, CDC, and the EBRD, in response to this demand.
The platform has an ambitious impact-focused strategy, driven by co-founders CEO Hocine Sidi-Said, and Chief Strategy Officer, Alhadi Alwazir, to improve the quality of life for people across the continent.
Adding to the bench of experience, KELIX bio has recently appointed a new Chairman, Jerome Silvestre, who brings significant expertise in the global pharmaceutical and branded generics industry.
Since its creation in 2020, KELIX bio has already seen rapid growth, demonstrated by its annual sales growing by 44% in 2021.
The acquisition of PHI will be the fourth in two years, reaffirming KELIX’s commitment to Africa.
The latest funding round by DPI and CDC will bring total capital invested to US$450 million, which will be supported by an additional US$300 million of planned investment over the next two years.
The company looks to fund its strong pipeline of opportunities, establish new cross-market distribution channels, and support the research and development of new drugs.
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