Abu Dhabi Developmental Holding Company, or ADQ, has entered into a definitive agreement to acquire pharmaceutical firm Acino, said local reports on Thursday, September 16.
Switzerland-based Acino is known as a provider of pharmaceuticals focused on markets across the Middle East, Africa, Latin America, Russia, Ukraine, and the CIS Region.
The definitive agreement is for ADQ to acquire 100 percent of Acino from its current shareholders.
They are said to include Nordic Capital and Avista Capital Partners.
The transaction is subject to customary closing conditions, including regulatory approvals.
With the Acino acquisition, ADQ intends to create an integrated pharma platform in select growth-leading markets, said the reports.
The platform’s focus is expected to be formulation development, in-licensing, manufacturing, and commercialization capabilities.
Fahad Al Qassim, Executive Director, Healthcare & Pharma at ADQ, was quoted by the reports as saying, ” Our aim for ADQ’s healthcare and pharma cluster is to ensure access to affordable, essential medicines and advance new, innovative treatments that help improve people’s lives.”
He added that ADQ’s acquisition of Acino would help it “deliver an even greater level of growth, innovation and ambition across the pharma value chain.”