Dubai-based alternative investments firm NBK Capital Partners has announced that it has closed on its acquisition of Polymedic, a generics manufacturing company.
Headquartered in Casablanca, Morocco, the company owns a portfolio of over 200 registered products across 12 therapeutic areas.
NBK Capital Partners, alongside Foursan Capital Partners II, an institutional private equity fund based in Amman, Jordan will now own majority stake in Polymedic, a statement said.
With this transaction, AfricInvest, a pan-African private equity firm, will exit the investment while Dr Mohamed Houbachi, Polymedic’s CEO, will retain a significant stake.
He will remain CEO of Polymedic and will partner with NBK Capital Partners and Foursan Group on the company’s next stage of growth.
The transaction is in line with the growth of the generic drugs manufacturing business across the MENA region, as the MENA pharmaceutical market is expected to grow at 6 percent per annum over the next five years.
Morocco has become a regional hub for local and international pharma players and is considered one of the industry’s largest markets along with Saudi Arabia, Egypt, the UAE and Turkey.
NBK Capital Partners said it has extensive regional experience in the healthcare sector, having invested over $170 million across six regional healthcare companies.
Yaser Moustafa, senior managing director of NBK Capital Partners, said: “This acquisition is very exciting for NBK Capital Partners, as it allows us to grow our presence in a sector that is buoyed by positive developments.”
Houbachi added: “I am excited to partner with NBK Capital Partners and look forward to further growing and expanding the business in Morocco and West Africa. I am confident that being part of a regional platform will enable the business to further develop and leverage the tools available to us.”
