Gulf Pharmaceutical Industries - Julphar announces divestment of DiabTec LLC

19^th December 2024, Ras Al Khaimah, UAE: Gulf Pharmaceutical Industries PJSC (Julphar), one of the largest pharmaceutical manufacturers in the Middle East and Africa, announces the divestment of DiabTec LLC. DiabTec is a 100% owned subsidiary of Julphar and manufactures recombinant human Insulin API. The transaction is expected to be completed in the  coming weeks subject to customary governmental approvals.

Julphar will continue its focus on the Diabetes segment and its efforts to strengthen its Insulin portfolio with the aim to provide new treatment solutions to patients in the United Arab Emirates and MENA markets. Julphar is on track to launch its new generation Insulin Analogues in the region with Glargine biosimilar expected to be in the market in 2025.

As part of the transaction, Julphar has entered into a long-term agreement with DiabTec to procure human Insulin API for its inhouse finished drug manufacturing as well for its licensing partners.

The transaction is in line with Julphar’s strategy to divest non-core activities and pivot towards future portfolio growth areas. The company will invest part of the divestment proceeds in its growing pipeline of value adding and specialty pharmaceutical products. Julphar has more than 90 products in its product pipeline in different stages.

Looking ahead, Julphar aims to continue the robust development of launching new innovative products and therapies, following the approval of 55 new product registrations across different markets in the MENA region in 2023.

Sheikh Saqer Bin Humaid Al Qasimi, Chairman of the Board, Julphar, said: “The divestment of DiabTec LLC is a further step in Julphar’s strategy to divest non-core assets and unlock value for its shareholders. In the recent past, Julphar has shown remarkable advances in bringing high quality healthcare solutions to the markets in MENA.”

Dr. Basel Ziyadeh, Chief Executive Officer, Julphar, said: “The deal allows us to focus on our core drug manufacturing and commercialization activities across the MENA region while we continue expanding our longstanding human Insulin heritage. The divestment proceeds support Julphar’s continued investment in expanding our diabetes and specialty biotech portfolio. Insulin products are a core segment in Julphar’s Diabetes portfolio and we are on track to launch Glargine biosimilar in the coming year.”

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About Julphar:

Julphar is one of the largest pharmaceutical manufacturers in the Middle East and Africa, and for more than four decades, the company has been delivering high quality, innovative and affordable healthcare solutions to families across the globe. Established under the guidance of His Highness Sheikh Saqer Bin Mohammed Al Qasimi in 1980, Julphar employs more than 3,500 people and distributes pharmaceutical products to around 40 countries across the globe.

Julphar’s business is centered on two core business units – Julphar Diabetes Solutions and General Medicine Division, which target major therapeutic segments including Gastroenterology, Pain Management, Wound Care, Antibiotics and Cardio-metabolism. Julphar has 12 internationally accredited manufacturing facilities in the emirate of Ras Al Khaimah, UAE. Julphar’s medical distribution and retail business, Planet Pharmacies, operates 290 retail pharmacies across the GCC.  

For more information, visit http://www.julphar.net

Media contact: Corporate Communication, Julphar.

Mail: ahmed.khatib@julphar.net
M: +971505777883