ADCAN PHARMA LLC / MEDISAL FOR PHARMACEUTICALS INDUSTRY LLC (PARTIALLY EXITED 2018)
In 2015, FEB acquired a 40% equity stake in ADCAN Pharma LLC. ADCAN Pharma LLC is an Abu Dhabi based company primarily engaged in medicine production. ADCAN Pharma LLC will be a specialist in the fast-growing therapeutic area of diabetes, and chronic medicine disease such as hypertension, cardiovascular disease and central nervous system. In the longer term, ADCAN Pharma LLC is planning to complement its portfolio with therapeutic categories that support the core business/strategy. The company is still in the development phase. The commercial production is expected by the first half of 2017. This is an investment opportunity to diversify FEB’s investments in the health sector in UAE.
In 2015, FEB acquired a 45% equity stake in Medisal for Pharmaceuticals Industry L.L.C. (Medisal). Medisal is an Abu Dhabi based pharmaceutical company focused on producing intravenous solutions (IV) and eye drops for local and regional markets. Medisal’s factory has modern production lines with high-specifications. The machinery is able to produce IV solution products at the highest level of accuracy and quality. Medisal commenced its commercial production at the start of 2016. This along with the investment in ADCAN is an investment opportunity to diversify FEB’s investments in the health sector in UAE. Furthermore, the health sector is a focus of the UAE Government today as it is in line with their 2030 vision to diversify from the oil based sector.
In 2018, FEB has sold it’s partial equity stake in Medisal & Adcan. The exit is pending legal and regulatory formalities.