The European Bank for Reconstruction and Development (EBRD) announced the acquisition with other partners of Egypt’s Adwia Pharmaceuticals company to improve the availability and affordability of medicines, using an investment platform with an initial capital commitment of $250 million.
EBRD said it is committing $75 million to support the company’s growth in Egypt, alongside Development Partners International (DPI), a pan-African private equity firm which is committing $75 million, and CDC Group, a development finance institution funded by the UK government, with $100 million commitment.
As a first step for the investment platform the partners have acquired Adwia Pharmaceuticals, an Egyptian manufacturer of generic drugs, and Celon Laboratories, an Indian oncology and critical-care product specialist, according to the statement.
Adwia will benefit from Celon’s know-how in drug development, including for chronic and life-threatening health conditions, said EBRD.
