Broadening access to life-saving drugs

In November 2020, the EBRD became a founding shareholder in Kelix Bio, alongside private equity firm Development Partners International (DPI) and UK development finance institution British International Investment (BII). Its US$ 75 million equity stake supported the platform’s acquisition of Egypt’s Adwia Pharmaceuticals, a leading generic pharmaceutical manufacturer.

Kelix Bio’s strong focus on product development and experienced management team enabled Adwia to increase its drugs pipeline and technological know-how. The investment helped the company expand and modernise its manufacturing assets, introduce products with higher added value, and improve its health and safety standards, product quality and governance.

The investment also supported the wider roll-out in Egypt of affordable specialty generics to replace expensive original pharma products in the treatment of critical and life-threatening diseases such as cancer.

In April 2022, the EBRD participated in a second funding round, investing an additional US$ 25 million to support Kelix Bio’s synergic acquisition of Pharmaceutical Institute, a leading local pharmaceutical company in Morocco, operating in the branded generics and international drugs in-licensing segment.

In addition to knowledge transfer, the move supported the wider roll-out in Morocco of affordable first-to-market specialty generics to replace expensive original pharma products and to widen consumer choice in the treatment of life-threatening diseases in oncology and critical care. The cheaper generics helped to improve the affordability and availability of treatments for patients.

In 2024, the EBRD, DPI and BII announced the sale of 100 per cent of their shares in Kelix Bio to Mubadala Investment Company, the Abu Dhabi state-owned investment firm with over US$ 276 billion in assets under management. Since its founding in 2020, Kelix Bio had grown to comprise four manufacturing sites in Egypt, Morocco, India and Malta, with an export footprint in more than 50 countries.

Alongside its co-investors, the EBRD was instrumental in developing a business integrity and corporate governance action plan for Kelix Bio, which was rolled out to each of its subsidiaries. The plan addressed gaps in the governance framework of each subsidiary and aligned them with best industry practice. Areas covered included anti-bribery/corruption policies, rules on gifts and hospitality, a code of conduct/ethics, sanctions compliance and a whistleblowing/reporting mechanism.