Julphar takes step into Bangladesh market with RAK Pharma acquisition
Julphar, the largest Emirati pharmaceutical company, has acquired a majority stake in Bangladesh drugmaker RAK Pharmaceuticals for $9.5 million, marking its entry into the region and an expansion of its footprint in Asia.
RAK Pharmaceuticals was a subsidiary of RAK Ceramics and produces a variety of industry compliant tablets, capsules and syrups that meet the requirements of a regulated health care market. The company reported $5.7 million of sales in 2013, representing growth of 24% on the year before.
Julphar and RAK Pharmaceuticals have had a long term strategic alliance through a joint partnership around technology transfer and a commercial marketing agreement for advanced pharmaceutical products.
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