In December 2020, FEB successfully exited its exposure to ADCAN Pharma LLC (40% equity stake) and Medisal for Pharmaceuticals Industry L.L.C (45% equity stake) for a combined AED 65 million (US$ 17.7 million).
ADCAN Pharma LLC (ADCAN), Abu Dhabi, comprises the production of generic medicine to treat chronic diseases. The total area of 32,800 m2 includes a state-of-the-art manufacturing facility which is in compliance with the internationally recognized standards of cGMP including the local Ministry of Health, GCC and EU GMP regulations. The facility is equipped with the latest advanced manufacturing technologies in pharma industry of European origin from very reputable suppliers.
Medisal for Pharmaceuticals Industry L.L.C, Abu Dhabi, comprises the production of IV solutions and eye drops. The total area of the facility is 7,700 m2 . The production capacity is 2.1 million IV bottles p.a., 720 thousand IV bags p.a. and 4.8 million eye drops p.a.
FEB invested in both companies during the construction phase in 2015, and continuously supported the companies to obtain all licenses/accreditation and achieve commercial operational phase.
The investments were an opportunity to diversify into the growing healthcare sector in UAE which is significantly supported by the UAE Government through its policies and initiatives.