Search Site

TAQA Q1 net income $571m

Net income fell $2.58bn due to one-off items recognized in 2023.

QatarEnergy buys stake in Egypt blocks

It did not disclose the cost of the agreement.

TSMC’s April revenue up 60%

It capitalized on huge wave of demand for chips used in AI hardware.

Etihad reports record Q1 profit

Total revenue increased by $269 million in the same period.

Aramco Q1 profit down 14.5%

Despite lower profit, it will pay $31bn in dividends to Saudi government.

ADQ to acquire Turkish pharma company Birgi Mefar Group

ADQ acquires Turkish pharma company Birgi Mefar Group. (Representative pic)
  • As a full-service pharmaceutical CDMO, BMG is a production service provider for sterile injectable products, namely vials and pre-filled syringes used for vaccines
  • Investment expands ADQ’s life sciences capabilities in sterile injectables and wider pharmaceutical services segments, while complementing its broader commitment to Turkey

ADQ, an Abu Dhabi-based investment and holding company, on Monday announced it has entered into “a definitive agreement” to acquire Birgi Mefar Group (BMG), one of Turkey’s leading producers of sterile injectable products.­

As a full-service pharmaceutical CDMO, BMG is a production service provider for sterile injectable products, namely vials and pre-filled syringes used for vaccines. BMG also produces primary packaging ampoules and vials for other sterile injectables and specializes in the growing demand for drug lyophilization. 

The company exports to more than 30 countries, including markets across Europe and Asia with more than 50 years of expertise and excellence.

“BMG’s diversified offering and manufacturing capabilities make the company a strategic addition to our growing portfolio as we continue to shape the UAE’s healthcare & life sciences platform,” Fahad Al Qassim, Executive Director, Healthcare & Life Sciences Portfolio at ADQ, said. “Turkey is an important market for our investments, and BMG brings with it a strong presence throughout the pharmaceutical supply chain, from drug development and manufacturing to packaging and cold chain distribution.” 

Earlier this year, ADQ acquired Acino, a Swiss-based pharmaceutical manufacturer with presence in more than 90 countries. In 2021, ADQ acquired Pharmax, a leading pharmaceutical manufacturer in the UAE, and Amoun, one of Egypt’s leading pharmaceutical companies. ADQ also retains a minority stake in Biocon Biologics Limited, India’s largest biopharmaceutical company.

Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and mobility and logistics, amongst others.