Dubai Investments sells 66% stake in Globalpharma

June 28, 2014 12:15 pm

Dubai Investments (DI) has said it has sold 66% of its equity stake in its pharmaceutical subsidiary Globalpharma Co, Khaleej Times has reported. French drug maker Sanofi will manage Globalpharma under the agreement, and will also become the platform to manufacture and promote the generics portfolio of Sanofi in the Middle East markets. The investment firm did not disclose the value of the deal, but mentioned that the company will retain the remaining 34% of the firm. The deal had generated an internal rate of return of 26% over a ten-year period, it added.