Abu Dhabi Wealth Fund to create region’s largest life sciences firms ahead of the IPO

Abu Dhabi sovereign wealth fund ADQ is integrating its pharmaceutical assets to become one of the region’s largest life sciences enterprises ahead of a prospective IPO, sources familiar with the situation told “Bloomberg.”

“The Abu Dhabi sovereign wealth fund would unite Egypt’s Amoun Pharmaceutical Co., Switzerland’s Acino, the United Arab Emirates’ Pharmax Pharmaceuticals, and Turkey’s Birgi Mefar Group, which it just purchased,” according to the sources, who asked not to be identified because the conversations are private.

ADQ intends to list the new firm over the next 12 to 18 months and is evaluating more strategic investments—both locally and globally—ahead of the prospective offering.

ADQ’s spokesman declined to respond.

The Abu Dhabi sovereign wealth fund, led by Sheikh Tahnoon Bin Zayed Al Nahyan, the country’s national security adviser and the crown prince’s brother, merged numerous firms last year to become Pure Health, the UAE’s largest health-care provider.

Pure Health agreed to purchase Centene Corp.’s, one of the major independent hospital operators in the United Kingdom, for around $1.2 billion in August.

The conglomerate, which controls some of Abu Dhabi’s most important properties, has emerged as one of the emirate’s most active companies in recent years.

According to data source Global SWF, ADQ is currently Abu Dhabi’s third-largest sovereign wealth fund, after the Abu Dhabi Investment Authority and Mubadala Investment Co., with an estimated $157 billion in assets.

The Abu Dhabi sovereign wealth fund has been investing heavily in industries deemed crucial for Abu Dhabi as it strives to accelerate efforts to diversify its oil-dependent economy.