Abraaj sells stake in Opalia Pharma to Recordati
The Dubai-based Abraaj Group, an investor operating in global growth markets, has announced its full exit from Tunisian pharmaceutical company Opalia Pharma.
As largely anticipated, Abraaj has sold its entire stake in Opalia to Italian drugmaker Recordati (RC: MI), which previously indicated that it plans to buy 90% of Opalia Pharma, for an enterprise value of $48 million (The Pharma Letter July 25). Financial terms of the deal with Abraaj were not disclosed.
The Abraaj Group invested into Opalia in 2009 and the deal marks the group’s first realization in the Tunisian market. Over the past four years, Abraaj’s involvement with Opalia helped increase sales by 2.5-fold. In addition to the Abraaj Group’s stake, Recordati has agreed to acquire a total of 90% of Opalia Pharma.
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