Julphar divests pharmacy operations to BinDawood for $118 million
Deal News | Nov 04, 2024 | Zawya
UAE-based Gulf Pharmaceutical Industries, known as Julphar, has divested its pharmacy operations in Saudi Arabia by selling Zahrat Al Rawdah Pharmacies to BinDawood Holding for 444.1 million Saudi Riyals, approximately $118 million. This strategic move is part of Julphar's broader plan to pivot away from non-core activities and focus on growth areas. The firm plans to reinvest part of the proceeds from the sale into its pipeline of specialty pharmaceutical products and enhance its development and manufacturing capabilities within Saudi Arabia. Julphar currently has a pipeline of close to 100 products at various stages of development.
Sectors
- Pharmaceuticals
- Retail
Geography
- Saudi Arabia – The transaction involves the divestment of pharmacy operations located in Saudi Arabia.
- United Arab Emirates – Julphar, the company divesting its Saudi operations, is based in the United Arab Emirates.
Industry
- Pharmaceuticals – The article involves Julphar, a company operating in the pharmaceutical industry, which focuses on drug development, manufacturing, and sales.
- Retail – BinDawood Holding, the acquirer of Julphar's pharmacy operations, is a retail company, emphasizing the retail industry's role in the transaction.
Financials
- $118 million – The sale price for Julphar's pharmacy operations to BinDawood Holding.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Julphar (Gulf Pharmaceutical Industries) | Selling Company | Company | A UAE-based pharmaceutical manufacturer divesting its pharmacy operations in Saudi Arabia. |
| BinDawood Holding | Bidding Company | Company | A Saudi-based retail company acquiring the pharmacy operations from Julphar. |