LONDON and RABAT, Morocco and DUBAI, United Arab Emirates, March 9, 2022 /PRNewswire-PRWeb/ -- KELIX bio, a Dubai headquartered unique pan-African biopharmaceutical platform, today announced it has entered into a binding commitment to acquire Pharmaceutical Institute ("PHI"), a leading pharmaceutical company established in Rabat. This investment marks the first entry of KELIX bio into Morocco – an important market in the company's strategy – at a juncture where the Kingdom accelerates the successful rollout of AMO (Assurance Maladie Obligatoire), a far-reaching plan to provide universal health coverage to Moroccans.
PHI was established in 1989 by the Sedrati family and is a leading manufacturer and distributor of pharmaceutical products in Morocco. The company operates a strong distribution network and has manufacturing capabilities that will support KELIX bio's strategy of accelerating and facilitating delivery of affordable, life-saving pharmaceutical products in Africa.
"PHI is a high-quality pharmaceutical manufacturer that has built its reputation over three decades thanks to the values of the Sedrati family. The company has earned its unique position through an outstanding record of execution and a relentless focus on quality. 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.
Morocco is a sizeable market in Africa's pharmaceutical industry, with US$2 Billion in annual pharmaceutical consumption, and represents an important part of KELIX bio's strategy. The demographics, health profile of the country and ambitious health care agenda of the Kingdom make Morocco a compelling destination for the company, as it continues to grow.
"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 our employees, our partners and our business. We have every confidence KELIX bio will further the reach of the company and continue to perpetuate its mission of providing quality pharmaceutical products to the largest population possible" commented Ali Sedrati, founder and Chief Executive Officer of PHI.
About KELIX Bio: KELIX Bio, is a specialty generic business focused on Emerging Markets which seeks to compete through innovation and cost leadership. Led by its cofounders, Hocine Sidi-Said and Alhadi Alwazir, KELIX Bio's mission is to develop and commercialize complex specialty products in jurisdictions historically deprived from access to such medications. Through its buy-and-build strategy, KELIX bio has manufacturing operations in India, Egypt and Malta and markets its products in over 40 countries across Africa, Asia, and Latin America. KELIX Bio's current investors include Development Partners International ("DPI"), CDC Group, the UK's publicly owned impact investor, and European Bank for Reconstruction and Development ("EBRD").
About Pharmaceutical Institute: PHI was founded in 1988 by Messrs. Azeddine and Ali Sedrati in Rabat, Morocco. The company is engaged in the importation, manufacturing and promotion of branded pharmaceutical products originating from its own generic division as well as with a rich portfolio of specialty products from top-tier global pharmaceutical partners. The company employs over 420 colleagues, of which 160 are dedicated to manufacturing and quality operations. PHI enjoys GMP and the French ANSM certifications. It currently exports its medicines to 10 markets across French West Africa.
Investor relations, Kelix bio Limited, +1 (929) 267-9370, [email protected]
SOURCE Kelix bio Limited