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Tuesday, 25 October 2022

Novartis will allow a local manufacturing of leukemia med + Network International could ramp up competition in Egypt’s PoS space

Leukemia meds could be produced locally in Egypt: Pharma giant Novartis signed a licensing agreement allowing local manufacturers in seven countries to make the oral medicine Nilotinib, which is used to treat chronic myeloid leukemia, according to a statement by Medicines Patent Pool released last week. The list of countries also includes Morocco and Tunisia.

ALSO- Emirati payments firm Network International plans to establish a company in Egypt that will provide point-of-sale services to merchants. (Al Mal)

MEANWHILE- Abu Dhabi gov’t-backed entities eyeing a stake in GEMS: A consortium including Abu Dhabi sovereign fund ADQ and Aldar Properties is looking to acquire a stake in global private school operator GEMS Education, unnamed sources reportedly told Bloomberg. Last month the business newswire reported that CVC Capital Partners and Sunny Varkey are looking to sell their stakes in GEMS in a transaction that would value the company at up to USD 6 bn.

Don’t get it twisted: GEMS Education is a global operator. Egypt Education Platform (EEP) is the rebranded GEMS Education Egypt, the Egyptian management company that was set up to manage the four GEMS schools initially established in Egypt under a joint venture between EFG Hermes and GEMS.

Other things we’re keeping an eye on this morning:

  • The environment and local development ministries inaugurated a EGP 165 mn solid waste recycling plant with a daily capacity of 640 tons in Dakahlia. (Statement)
  • Raya Holding for Financial Investments has become the sole owner of its subsidiary Haier Raya Electric following an EGP 47.7 mn acquisition of 10.3% of the company. (Disclosure, pdf)

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