KELIX bio’s deal for PHI backed by DPI and CDC

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The acquisition of Pharmaceutical Institute, (PHI) by KELIX bio is being funded by a second round of funding led by Development Partners International (or DPI) and CDC Group, two of the platform businesses’ three original backers. The deal for the Morocco-headquartered generic and therapeutic pharmaceutical business was agreed last week with as much as $200 million in financing being provided to complete the transaction which is expected to close before the end of the month once the necessary regulatory and other approvals have been granted.

This latest acquisition is the fourth made by KELIX bio, a build-and-buy pharmaceutical platform founded in 2020 by DPI, CDC, and the European Bank for Reconstruction & Development to meet the demand for affordable, specialty drugs across Africa. The business grew rapidly last year, posting an increase of 44% in its revenues, and reports a strong pipeline of acquisition targets as well as strategic R&D and cross-market distribution opportunities. So far, the platform has been capitalized with $450 million by its backers, who have plans to invest as much as $300 million more to support KELIX bio‘s future M&A plans.

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