* DI divests 66 pct to Sanofi-led consortium - statement
* Globalpharma to be Sanofi's platform in Mideast
* No purchase price given
(Adds detail, context)
DUBAI, June 26 French drugmaker Sanofi
is leading an investor group buying a 66 percent stake in the
Globalpharma unit of Dubai Investments, the Gulf-based
diversified investment group said on Thursday.
Under the agreement, Globalpharma will be managed as a
Sanofi company and will become the platform to manufacture and
promote its generic drugs portfolio in the Middle East.
No purchase price was given in the bourse filing in Dubai,
but Dubai Investments - which will retain the remaining 34
percent of the firm - said the deal had generated an internal
rate of return of 26 percent over a ten-year period.
"We believe that the new partnership being forged with
Sanofi will propel Globalpharma to the next level of its
growth," said Khalid bin Kalban, chief executive of Dubai
Kalban added the penetration of generic drug manufacturing
had traditionally been low in the Middle East but was now
gradually increasing towards European levels, while the wider
pharmaceutical sector was expected to experience strong growth
in coming years due to favourable demographics and higher per
Globalpharma manufactures pharmaceutical products including
antibiotics, painkillers, cardiovascular drugs and food
supplements and is registered in more than 14 countries across
the Middle East and neighbouring markets, the statement said.
News of the divestment helped Dubai Investments' share price
recover ground lost earlier in the session, though it was still
2 percent lower at 0925 GMT against a wider market
decline of 0.4 percent. Sanofi was trading flat.
(Reporting by David French; Editing by Andrew Torchia and Mark