Abu Dhabi – Mubasher: Gulf Pharmaceutical Industries (Julphar) has entered into an agreement to sell its wholly-owned subsidiary, Dubai-based Gulf Inject, to GlobalOne Healthcare Holding, the healthcare division of Yas Holding in Abu Dhabi.

The transaction is in line with Julphar's strategy to strengthen its product portfolio and divest from non-core activities, according to a press release on Sunday.

Established in Dubai in 1994, Gulf Inject is specialised in fluid management therapy in the UAE and other Middle East markets with a portfolio of more than 60 products, including IV infusion solutions and small volume ampoule products.

The Chairman of Julphar, Saqer Humaid Al Qasimi, said: "Since its establishment in 1994, Gulf Inject has developed into a leading IV Fluids player in the region and achieved a very successful turnaround of its business in recent years."

Meanwhile, the CEO of Julphar, Essam Mohamed, commented: "We are working on expanding the base of our generic pharmaceutical portfolio to include new and more complex combination products and biological technologies, encouraging innovation and promoting the production of innovative medicines locally."