Rabat – Pan-African biopharmaceutical platform KELIX bio has entered into a binding commitment to acquire Pharmaceutical Institute (PHI), the Rabat-based pharmaceutical manufacturer.
The acquisition is a milestone for KELIX bio, which seeks to enter the Moroccan market as the country extends AMO (Obligatory Medical Insurance) to all citizens.
With a $2 billion annual pharmaceutical consumption, the company considers Morocco “a sizeable market in Africa’s pharmaceutical industry.” Thus it “represents an important part of KELIX bio’s strategy,” the company reported in a press release.
Through the acquisition of PHI, KELIX bio says it will have access to a “strong distribution network” that will enable it to improve and facilitate “the delivery of affordable, life-saving pharmaceutical products in Africa.”
Founded in 1988, PHI has expertise in manufacturing, promoting, and importing pharmaceutical products. The French National Agency for Medicines and Health Products (ANSM) certified the company with good manufacturing practices (GMP), enabling PHI to export to 10 countries in French West Africa.
“PHI is a high-quality pharmaceutical manufacturer that has built its reputation over three decades thanks to the values of the Sedrati family,” commented Hocine Sidi-Said Chief Executive Officer at KELIX bio.
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“The company has earned its unique position through an outstanding record of execution and a relentless focus on quality. We are privileged to have reached an agreement with the founders and look forward to welcoming them to KELIX bio,” h added.
For his part, Founder and CEO of PHI Ali Sedrati expressed satisfaction with the agreement.
“We believe we have found in KELIX bio and its management the right home for our company and are excited about what the future holds for our employees, our partners, and our business,” said Sedrati, noting that PHI will “continue to perpetuate its mission of providing quality pharmaceutical products to the largest population possible.”
Established by Hocine Sidi-Said and Alhadi Alwazir, KELIX bio focuses on emerging markets. The company manufactures its products in India, Egypt, and Malta then sells them in more than 40 countries across Africa, Asia, and Latin America.
Several investors fund its operations, including Development Partners International (“DPI”), CDC Group, and European Bank for Reconstruction and Development (“EBRD”).
