Mubadala took another step in the development of its life science cluster with a new joint venture with National Resilience, which will operate a new biopharma manufacturing plant built by the sovereign fund.

The facility will be the first Goods Manufacturing Practice (GMP) biopharma facility in the UAE, according to Mubadala, as well as the first of its kind in the region to manufacture essential life sciences products for advanced biologics. The fund already has a relationship with the US-based producer, having participated in several fund-raising rounds.

Mubadala and G42 Healthcare signed an agreement in late 2021 to support various clinical and screening programs, as well as on new scientific projects. In December 2021, they signed an agreement to establish the Biopharma Campus in Abu Dhabi, with the objective of end-to-end manufacturing of biologics and host anchor partnerships with contract manufacturing and development organisations (CDMOs). A CDMO model enables manufacturers to work with multiple players to reduce product risk and enable economies of scale.National Resilience's operations will be located in the campus

Mubadala has built a strong portfolio of domestic assets in its health platform, Mubadala Health, through partnerships with foreign providers of speciality services with the purpose of addressing the Emirate’s healthcare needs. They include hospitals (Cleveland Clinic Abu Dhabi, Healthpoint, Danat Al Emarat, Moorfields Eye Hospital Abu Dhabi), clinics (Imperial College London Diabetes Centre), long-term care and rehabilitation (Amana Healthcare, Healthplus), and diagnostics, advice and screening (National Reference Laboratory, Capital Health Screening Centre, Abu Dhabi Telemedicine Centre). The network also includes the provision of premium care in Dubai, with a hospital facility in Jumeirah 3.

Mubadala has also acquired a 60% stake in United Eastern Medical Services, which operates clinics and hospitals in the UAE and Saudi Arabia, co-invested with Singapore’s GIC in Spain’s Healthcare Activos, which provides geriatric services, and was part of a consortium that took a 50% stake in South Korea’s Hugel, a manufacturer of cosmetic botox. In the UK, it plunged around US$500 million into Europe’s leading veterinary healthcare provider IVC Evidensia. Life science is also a significant target of the Abu Dhabi fund’s VC drive in healthcare, with a particular focus on drug discovery. This push is set to remain a major theme in Mubadala’s GBP800 million commitment to the sector in the UK under its Sovereign Investment Partnership.

Abu Dhabi’s young and energetic infra-focused fund ADQ has also surged into healthcare. Last year, it launched a healthcare platform – Pure Health – that aimed to become the UAE’s biggest healthcare provider, but excluding the acquisition of Egypt’s Amoun Pharmaceutical Company and Switzerland’s Acino. Pure Health consolidated several UAE healthcare assets in ADQ’s portfolio, including Abu Dhabi Health Services Company (SEHA), The National Health Insurance Company (Daman), Tamouh Healthcare, Yas Clinic Group and Abu Dhabi Stem Cell Center.

Global SWF estimates that the total value of the Pure Health platform is over US$5 billion. The portfolio represents a highly integrated provider, covering health insurance, hospitals, laboratories and medical supplies, which could be the basis for greater diversification – including into biotech and in other geographies. ADQ is the largest shareholder in Pure Health; other shareholders include Alpha Dhabi Holding, International Holding Company (IHC), AH Capital and Ataa Financial Investments.

In 2021, ADQ acquired Swiss-based Acino, a leading provider of pharmaceuticals and novel drug delivery. It also took the remaining stake it did not already own in UAE’s National Health Insurance Company (Daman), the nation’s largest health insurance provider with more than 2.5 million members, providing a healthcare tilt to its growing financial services portfolio.

Related funds ADQ Mubadala
Related tags Healthcare