Jordan-based generic pharmaceuticals producer Hikma Pharmaceuticals has announced a corporate venturing division dubbed Hikma Ventures and provided $30m in capital, Wamda reported yesterday.
The subsidiary was originally established in August 2015 but is only now set to close its first deals, which are expected to be complete within the next two months. The capital was entirely provided by Hikma, though the fund may be opened to external investors in future.
Hikma Ventures is targeting startups operating in the sectors of digital health, therapeutics and diagnostics. It will invest up to $3m in seed, series A and B rounds and may choose to provide follow-on funding at later stages.
The unit is led by managing director Lana Ghanmen, who originally joined Hikma Pharmaceuticals as an assistant to chief executive Said Darwazah in 2012.
Hikma Ventures is seeking out opportunities across the globe, with the team currently exploring opportunities in the US, Europe, the Middle East and North Africa. It is sourcing deals through its own network, looking to collaborate accelerators, incubators and venture capital firms.
Ghanem said: “We are looking at digital medical devices, wearables, big data analytics platforms and telemedicine across areas like chronic disease management, oncology, respiratory, consumer health, and mental health.
“We are actively looking for deals in digital health and drug delivery. However, we are opportunistic; something may pop up on our radar and we may look at it.”