PHOTO
The UAE’s Gulf Pharmaceutical Industries (Julphar) has divested the retail operations of Zahrat Al Rawdah Pharmacies to Saudi retailer BinDawood Holding for 444.1 million riyals ($118 million).
Julphar said the move to divest Zahrat Al Rawdah, which operates 173 outlets in the kingdom, is a part of its strategy to shift from non-core activities towards growth areas.
The pharmaceutical manufacturer said it will invest part of the divestment proceeds in its growing pipeline of specialty products, along with a building its development and manufacturing capabilities in Saudi.
Julphar said it has currently close to 100 products in its product pipeline in different stages.
(Writing by Bindu Rai, editing by Daniel Luiz)
