Mubadala Investment Company, Abu Dhabi’s strategic investment arm, has acquired an 80 per cent stake in Global Medical Supply Chain (GMSC) and Al Ittihad Drug Store (IDS) from GlobalOne Healthcare Holding, expanding its footprint in healthcare logistics and pharmaceutical distribution.
GlobalOne Healthcare Holding will retain a 20 per cent stake in the UAE-based companies, Mubadala said in a statement on Tuesday.
"By integrating GMSC and IDS into our portfolio, we are poised to create a vertically integrated life sciences sector in the UAE and enable its potential to encompass the entire value chain from logistics and distribution to specialised manufacturing," said Ismail Ali Abdulla, executive director of UAE clusters at Mubadala's UAE investments platform. "The expanding pharmaceutical market drives an increasing demand for specialised and efficient drug logistics solutions."
The deal is aligned with Mubadala's investment interests in the life-science sector and the acquisition spans the whole value chain, from specialised manufacturing to logistics and distribution.
Mubadala – which has $330 billion of assets under management, up from $200 million when it started out 20 years ago – is "zooming in" on key sectors that will be growing in the future including AI, technology, financial services, life sciences and health care, the company's chief executive and managing director Khaldoon Al Mubarak said at the Milken Institute Middle East and Africa Summit held in Abu Dhabi this month.
Founded in 2015, GMSC provides supply chain services for medical products, including demand planning, procurement, logistics, inventory management, warehousing and maintenance. GMSC serves more than 200 medical facilities, including hospitals and clinics across the UAE.
Established in 1987, IDS is a distributor of pharmaceutical and consumer healthcare products in the UAE. Distributing more than 1,000 products from about 40 suppliers, IDS serves hospitals, pharmacies and supermarkets within the UAE. It has a portfolio that spans several therapeutic categories including anti-infectives, asthma, diabetes and oncology.
In October, Mubadala's unit Kelix bio bought four of GlobalOne Healthcare Holding’s pharma assets in an effort to develop UAE life sciences. As part of the deal, Kelix bio acquired GHH’s Bioventure, Bioventure Healthcare, Gulf Inject and Wellpharma.
GlobalOne Healthcare Holding is a division of the UAE-based investment company Yas Holding that has interests in sectors including health care, aviation, technology and real estate.
"These concerted efforts underline Mubadala's commitment to strengthening the UAE's healthcare and pharmaceutical sectors as part of broader national ambitions for drug security and economic diversification," Low Ping, group chief executive of Yas Holding, said on Tuesday.
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
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Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)
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1. Black holes are objects whose gravity is so strong not even light can escape their pull
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4. The biggest black holes lurk at the centre of many galaxies, including our own
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History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
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UAE currency: the story behind the money in your pockets
About Seez
Company name/date started: Seez, set up in September 2015 and the app was released in August 2017
Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer
Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon
Sector: Search engine for car buying, selling and leasing
Size: (employees/revenue): 11; undisclosed
Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A
Investors: Wamda Capital, B&Y and Phoenician Funds
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
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- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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