ADQ to Acquire Turkish Pharma Firm Birgi Mefar Group

Manufacturing operation at the Turkish company. (Asharq Al-Awsat)
Manufacturing operation at the Turkish company. (Asharq Al-Awsat)
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ADQ to Acquire Turkish Pharma Firm Birgi Mefar Group

Manufacturing operation at the Turkish company. (Asharq Al-Awsat)
Manufacturing operation at the Turkish company. (Asharq Al-Awsat)

ADQ, an Abu Dhabi-based investment and holding company, 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.

Fahad Al Qassim, Executive Director, Healthcare & Life Sciences Portfolio at ADQ, said: “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.”

He added: “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.”

“With this integrated capability, we believe it can enhance local expertise and build on the UAE’s ability to manufacture and distribute quality health products as the region’s leading pharmaceutical hub.”

Faik Somer, CEO at Birgi Mefar Group, said: “Joining ADQ’s portfolio is an exciting next step in our journey that will elevate our offering and enable us to scale in lucrative markets like the UAE and wider MENA region.”

“For more than 50 years, we have been committed to quality healthcare and with ADQ’s support, we will be in a stronger position to deliver excellence in global contract development and manufacturing of sterile products that will ultimately generate long-term sustainable growth,” he added.

Earlier this year, ADQ acquired Acino, a Swiss-based pharmaceutical manufacturer.

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.

The transaction is subject to customary closing conditions, including regulatory approvals.



Saudi Arabia’s Flynas Seeks to Raise up to $1.1 Bln in IPO 

The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)
The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)
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Saudi Arabia’s Flynas Seeks to Raise up to $1.1 Bln in IPO 

The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)
The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)

Saudi Arabian budget airline flynas is seeking to raise up to 4.1 billion riyals ($1.1 billion) from an initial public offering in Riyadh, it said on Monday. 

The airline, which is selling a 30% stake to investors in the first IPO by a Gulf airline in almost 20 years, said the price range had been set at between 76 and 80 riyals per share, implying a market capitalization of up to $3.6 billion. 

Saudi Arabia has targeted tourism as a key pillar of its domestic economic agenda to reduce reliance on oil revenue. 

The listing would be only the third by a Gulf airline after the United Arab Emirates' Air Arabia and Kuwait's Jazeera Airways. 

The institutional book-building subscription period, which started on Monday, will close on May 18, flynas said, adding that 34% of net the IPO's net proceeds will be used to finance the airline's growth strategy and for general corporate purposes. 

Part of the remaining proceeds will be distributed to selling shareholders, which include Kingdom Holding Company.