Foursan Group, a leading Middle Eastern private equity firm, together with its partner, NBK Capital Partners, announced today that it has acquired through Foursan Capital Partners II a supermajority stake in Polymedic, a generic drug-maker based in Casablanca.Polymedic’s Chief Executive Officer Dr. Mohamed Houbachi will continue to hold a stake in the company.
Founded in 2001, Polymedic is a leading, Morocco-based generic pharmaceuticals manufacturer with a portfolio of approximately 190 registered products in a wide range of therapeutic areas including dermatology, cardiovascular, ENT and CNS.
Nashat T. Masri, a Founding Partner at Foursan, commented on the transaction: “This is Foursan’s third investment in a regional pharmaceutical company. We believe in the fundamentals of this sector particularly in light of the region’s high population growth rates and growing budgets that governments are allocating to healthcare. We are looking forward to further growing Polymedic’s regional and international reach and footprint.”
This is the first investment of Foursan Capital Partners II.