ADQ, Abu Dhabi's third-largest sovereign wealth fund under Sheikh Tahnoon Bin Zayed Al Nahyan's leadership, is merging its pharmaceutical entities to establish a major life sciences firm in the Persian Gulf region. This move comes during a period of increased listings in the region. The companies involved in the merger include Amoun Pharmaceutical Co., Acino, Pharmax Pharmaceuticals, and Birgi Mefar Group.
The fund has plans to list this new entity within 12 to 18 months, signaling an aggressive growth strategy. Besides this merger, ADQ is also exploring strategic investments both locally and globally in sectors deemed strategic for Abu Dhabi.
This consolidation follows a previous move by ADQ where it unified several companies into Pure Health, which later became UAE's top healthcare provider. Pure Health subsequently acquired a major UK hospital operator from Centene (NYSE:CNC) Corp. for approximately $1.2 billion.
According to data from Global SWF, ADQ's assets are nearing $157 billion, placing it behind the Abu Dhabi Investment Authority and Mubadala Investment Co., in Abu Dhabi’s sovereign wealth fund rankings.
This consolidation aligns with a broader trend observed in the Persian Gulf. Governments including those of UAE and Saudi Arabia are selling assets to diversify their oil-dependent economies and expand their capital markets.
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