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UAE’s Julphar announces full takeover of Planet Pharmacies

UAE’s Julphar announces full takeover of Planet Pharmacies

Gulf Pharmaceuticals Industries, also known as Julphar, has signed an agreement to acquire full control of Planet Pharmacies, one of the leading pharmaceutical distributors in the UAE, Saudi Arabia and Oman, The company said in a statement that the move will contribute positively to its financial performance from the third quarter of 2021. UAE pharma

Gulf Pharmaceuticals Industries, also known as Julphar, has signed an agreement to acquire full control of Planet Pharmacies, one of the leading pharmaceutical distributors in the UAE, Saudi Arabia and Oman,

The company said in a statement that the move will contribute positively to its financial performance from the third quarter of 2021.

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Julphar, which previously held a 40 percent equity stake in the company, announced the completion of the acquisition of the remaining 60 percent stake, previously held by Kamco Invest private equity funds and co-investors.

The transaction is expected to add significant synergies and further enhance the level of integration within the group, Julphar said.

The network of Planet Pharmacies includes 235 pharmacy stores and two distribution hubs.

Saqer Humaid Al Qasimi, chairman of Julphar, said: “This vital deal comes as part of Julphar’s strategic efforts to boost shareholder value by delving into new business lines and capturing greater market share in several core markets of the group. Julphar is among the leading pharmaceutical companies in the MENA region and with the full acquisition of Planet Pharmacies, the company will be opening a genuine growth opportunity across the value chain in the health care market.

“By combining the strengths of Julphar and Planet, we will continue to build on our market-leading position in the region when it comes to production, distribution, and retail. This full acquisition will have a positive impact on cash flows, offer more flexibility in terms of distribution, and allow us to differentiate our products at the point of sales.” he added.

Dr Essam Farouk, CEO of Julphar, said: “Planet Pharmacies is a crucial part of our value chain as a wholesaler and one of the leading pharmacy chains in the region. Completing this acquisition will allow us to manufacture and more effectively distribute and sell our products.

“By fully acquiring Planet Pharmacies, we will create end to end pharma value chain from production, manufacturing, distribution, and retail. This translates into competitive pricing and the efficient delivery of our quality products.”

Since its establishment in 2007, Planet Pharmacies has expanded outside the UAE to reach Saudi Arabia and Oman.

Julphar employs more than 2,400 people and distributes pharmaceutical products to more than 50 countries across the globe.

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