Taher family is investing EGP1bln in a new pharma manufacturer, Dawana

The former owners of Adwia Pharma are investing more than EGP 1 bn to set up a new pharma manufacturer,  said Hossam Taher to Al Mal.

Hossam Taher and his family — who sold their 90% stake in Adwia to a European Bank for Reconstruction and Development-CDC Group consortium last year — have dubbed their new venture “Dawana,” which will launch this year with a plant in Obour City, Taher told the newspaper.

The facility was formerly owned by Adwia and wasn’t included in the recent transaction, he said.

In detail: The new outfit will run three production lines at launch, but seven more will be up and running by the end of the year after a EUR 55 mn agreement was sealed with an undisclosed German company, Taher added. Taher and his family have other, unnamed partners in the venture.

Background: The EBRD, CDC and an unnamed UK fund acquired 99.6% of Adwia in November in a USD 126 mn transaction.. (Development)