India-based pharmaceutical company Alembic Pharmaceuticals has acquired a 49% stake in Algeria-based counterpart Adwiya Mami through corporate venturing subsidiary Alembic Global Holding, paying an undisclosed amount, Business Standard has reported.
Adwiya Mami owns a formulation plant with a capacity of producing 1.2 billion oral solids per annum. It will henceforth be known as Alembic Mami.
The investment will enable Alembic to enter the Algerian market. Although Algeria is one Africa’s largest markets, it has stringent trade barriers that disadvantage foreign companies.
Alembic Mami will be run jointly by Alembic & Mami with equal representation from both on the board of directors. Tagreed Alshunar, a Jordanian national with more than 20 years experience in the healthcare industry, has been appointed chief executive of the company.