DFF - Kelix Bio Limited



Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

04 Feb 2022



PSD disclosed:

26 Sep 2022

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

A USD 25 million subscription to support the capital increase of Kelix Bio Limited (or "the Company").  The capital increase will support the Company's growth plan through funding an acquisition in Morocco and will also be subscribed by a group of co-investors: BII (formerly CDC), a development finance institution funded by the UK government, and ADP III, a private equity fund advised by Development Partners International (DPI), a pan-African private equity firm.

Project Objectives

The Bank's proceeds supported the acquisition of a leading Moroccan branded generic pharmaceuticals manufacturing company, Pharmaceutical Institute (or "PHI" ). The acquisition of PHI will allow the Company to access the large and growing Moroccan market and act as a one step forward towards the implementation of the Company's strategy to become a leading regional player in the specialty pharma generics focused on Africa, particularly the North African market.

The acquisition will complement the Company's existing portfolio of assets and further enhance cross-synergies through knowhow and products transfer to Morocco from other Kelix Bio portfolio companies. The project also supports the wider roll out in Morocco of affordable first to market specialty generics to replace expensive original pharma products across life threatening diseases.

Transition Impact

ETI score: 68

Competitive: The project supports the introduction of new products that are currently rare in the Moroccan market; lowering costs of the new products and stimulating competition, and enables operational improvements of the acquired targets by capturing revenues and cost synergies derived from the efficiency measures and particularly cross-selling of products between the Company's acquired targets

Well-Governed: The project will support the development and implementation of Business Integrity, Corporate Governance, and Environmental, Health & Safety and Social improvements for the acquired targets.

Client Information


KELIX BIO LIMITED, an existing investee of the Bank, is a limited liability company established in 2020 with three founding shareholders: EBRD, BII and ADP III to create an integrated generic pharma champion with a specific focus on the North Africa region.

EBRD Finance Summary

USD 25,000,000.00

Total Project Cost

USD 125,000,000.00


The EBRD's investment will provide equity in a country and region that lack adequate local equity markets. EBRD's participation and support will help the Company continue to implement improved ESG measures.

Environmental and Social Summary

Category B (ESP 2019). Medium-Low risk rating. The Bank's participation in capital increase in the existing equity client KelixBio to fund acquisition of the PHI pharmaceutical manufacturing site in Rabat, Morocco is associated with E&S risks that can be mitigated via ESAP implementation and the application of the client's corporate risk management approaches post-transaction. The acquired manufacturing unit is EU GMP certified by French authorities, and is operating in line with high pharmacovigilance standards. The subsidiary will be subject to application of the platform's ESMS and related training of staff to ensure consistency and best practice application. There will also be a number of improvement in waste storage and management at the manufacturing facilities. The warehouse in Casablanca is not included in the acquired assets. Based on the results of an independent ESDD the target-specific Environmental and Social Action Plan (ESAP) was agreed with the client. There are no GET elements identified for the transaction.

Technical Cooperation and Grant Financing


PSD last updated

26 Sep 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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