Abu Dhabi sovereign investor Mubadala Investment Company has announced its acquisition of a majority stake in Global Medical Supply Chain (GMSC) and Al Ittihad Drug Store (IDS) for an undisclosed sum.
In a statement, Mubadala said the acquisition from GlobalOne Healthcare Holding (GHH) gives it an 80% stake in GMSC and IDS, expanding its footprint in the UAE’s healthcare sector.
GHH, the healthcare division of Yas Holding, will retain a 20% stake in both companies, Mubadala said. Yas Holding has interests in healthcare, aviation, technology, and real estate.
GMSC provides supply chain services for medical products. Founded in 2015, the company serves more than 200 medical facilities, including hospitals and clinics, across the UAE.
IDS, on the other hand, has been a distributor of pharmaceutical and consumer healthcare products in the UAE since its establishment in 1987.
Mubadala said the deal is aligned with its investment interests in the life-science sector and the acquisition spans the whole value chain, from specialised manufacturing to logistics and distribution.
“By integrating GMSC and IDS into our portfolio, we are poised to create a vertically integrated life sciences sector in the UAE and enable its potential to encompass the entire value chain,” said Ismail Ali Abdulla, executive director of UAE clusters at Mubadala’s UAE investments platform.
Mubadala has $330 billion of assets under management, up from $200 million when it started 20 years ago. It currently focuses on key sectors that it believes will grow in the future including AI, technology, financial services, life sciences, and healthcare.
Its wholly-owned alternative asset management arm, Mubadala Capital, recently closed its PE Fund IV with total commitments of $3.1 billion, exceeding its initial target by more than $1 billion.
The fund will target middle-market companies in various sectors, including media, sports and entertainment, consumer and food services, financial services, and business services.
