DI announces divestment of 66% equity stake in Globalpharma

Updated 28 June 2014
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DI announces divestment of 66% equity stake in Globalpharma

Dubai Investments PJSC (DI), an investment company listed on the Dubai Financial Market (DFM), has announced the divestment of 66 percent equity stake in its pharmaceutical subsidiary Globalpharma Co. LLC.
The group will continue to hold 34 percent equity in Globalpharma. This transaction yielded a healthy IRR of 26 percent over a 10-year period for DI.
DI has divested 66 percent to the investor group led by Sanofi, a health care company headquartered in France. Pursuant to the agreements entered into between DI and the investor group, Globalpharma will be managed as a Sanofi company and will become the platform to manufacture and promote the generics portfolio of Sanofi in the Middle East markets.
“Our investment in Globalpharma was well timed as we capitalized on the rapid growth in the pharmaceutical sector in the region. With the direction and support of DI, the management executed a successful strategy, which has attracted a lot of strategic interest. This created the opportunity for our successful sell-down,” said Khalid bin Kalban, MD and CEO of Dubai Investments.
“We believe that the new partnership being forged with Sanofi will propel Globalpharma to the next level of its growth,” added Kalban.
DI commercialized Globalpharma in 2003 and grew the company to become a market leader in certain therapies.
Globalpharma is currently registered in more than 14 countries across the GCC, Middle East and neighboring markets.
Globalpharma manufactures pharmaceutical products under CGMP conditions, including antibiotics, cardiovascular, anti-ulcerants, painkillers, food supplements, vitamins, anti-diabetics, respiratory products and anti-allergic formulations.
Globalpharma has achieved healthy double-digit growth year-on-year since 2010.
DI’s divestment and agreement with Sanofi is first-of-its-kind in the Middle East generics market that combines Sanofi’s strong heritage of international quality treatments with a local trusted partner in generics medications — Globalpharma — to reach more patients with affordable medications.


Oil prices jump as US crude stocks fall, Middle East worries add support

Updated 26 June 2019
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Oil prices jump as US crude stocks fall, Middle East worries add support

  • Analysts said the gains were mainly driven by American Petroleum Institute data showing a fall in US crude inventories
  • Data come as traders watched for any signs that tensions between the US and Iran could escalate into military conflict
SYDNEY: Oil prices rose more than 1 percent on Wednesday to their highest in nearly a month as industry data showed US crude stockpiles fell more than expected, underpinning a market already buoyed by worries over a potential US-Iran conflict.
Front-month Brent crude futures, international benchmark for oil, were up 1.3 percent at $65.91 by 0341 GMT. They earlier touched their highest since May 31 at $66 a barrel.
US West Texas Intermediate (WTI) crude futures were at $58.98 per barrel, up 1.8 percent from their last settlement. WTI earlier hit its strongest level since May 30 at $59.03 a barrel.
Analysts said the gains were mainly driven by American Petroleum Institute (API) data showing a fall in US crude inventories.
US crude stockpiles fell by 7.5 million barrels in the week ended June 21 to 474.5 million, compared with analyst expectations for a decline of 2.5 million barrels, the data showed. Crude stocks at US delivery hub Cushing, Oklahoma, fell by 1.3 million barrels.
“Oil prices went ballistic after the API report,” said Stephen Innes, a managing partner at Vanguard Markets.
“Oil prices have been squeezing higher on escalating tensions in the Middle East. But with late-day draws showing up in the API report, this is a strong signal for the energy market,” Innes said.
The data came as traders watched for any signs that tensions between the United States and Iran could escalate into military conflict.
US President Donald Trump threatened on Tuesday to obliterate parts of Iran if it attacked “anything American,” in a new war of words with Iran. Tehran has condemned a fresh round of US sanctions as “mentally retarded.”
Bilateral tensions between the two have spiked anew after Iran shot down a US drone last week in the Gulf. Relations have been tense since Washington blamed attacks on oil tankers just outside the Gulf in May and June on Iran, while Tehran has repeatedly said it had no role in the incidents.
Conflict between Washington and Tehran has stoked fears that shipments passing through the Strait of Hormuz — the world’s busiest oil supply route — could be disrupted.
Seeking to calm a nervous market, the head of national oil company Saudi Aramco said on Tuesday the company can meet the oil needs of customers using its spare capacity.