Abu Dhabi – Mubasher: Gulf Pharmaceutical Industries (Julphar) has entered into an agreement to fully acquire Planet Pharmacies, one of the leading pharmaceutical distributors in the UAE, Saudi Arabia, and the Sultanate of Oman.

Julphar, which previously held a 40% stake in the company, has acquired the remaining 60% stake, previously owned by Kamco Invest private equity funds and co-investors, according to a press release on Tuesday.

The transaction will have a positive impact on Julphar's financial performance in the third quarter (Q3) of 2021.

The full acquisition of Planet Pharmacies, which has 235 pharmacy stores and two extensive distribution hubs, will enable Julphar to expand into the distribution and retail sectors of the pharmacy healthcare sector across the UAE, Saudi Arabia, Oman.

The Chairman of Julphar, Saqer Humaid Al Qasimi, said: "Julphar is among the leading pharmaceutical companies in the MENA region and with the full acquisition of Planet Pharmacies, the company will be opening a genuine growth opportunity across the value chain in the health care market."

Meanwhile, the CEO of Julphar, Essam Farouk, commented: "By fully acquiring Planet Pharmacies, we will create end to end pharma value chain from production, manufacturing, distribution, and retail. This translates into competitive pricing and the efficient delivery of our quality products."