Ibnsina Pharma acquires 75% stake in Egyptian digital pharmacy app 3elagi
M&A WATCH- Ibnsina Pharma has acquired a 75% stake in digital pharmacy platform and app 3elagi, according to an EGX disclosure (pdf). The remaining 25% of the business continues to be held by the founders, who will remain onboard. The company has been working since the outbreak of the pandemic to “give patients access to their medications without having to leave their homes,” said Ibnsina Chairman Mohsen Mahgoub. 3elagi currently has 600k users, and plans to use the capital increase to expand its user base, as well as the number of registered pharmacies in its network.
Background: Ibnsina invested EGP 22 mn in 2020 in internal digital projects, including launching its own app last July. The app serves 4k pharmacies monthly, allowing them to digitally replenish their stock. The company announced last July it had set up an SPV to invest in pharma companies, and said it plans to invest EGP 16 mn in 2021.