GlobalOne Healthcare, Yas Holding’s healthcare investment arm, acquires Pharma Distributor Al Ittihad Drug Store
GlobalOne Healthcare Holding (GHH), a Yas Holding division, announced the acquisition of a major UAE pharmaceutical distributor, Al Ittihad Drug Store (IDS), which will significantly expand GHH’s distribution coverage in the UAE.
The acquisition was completed in December, making GHH one of the largest medical distributors in the UAE.
“IDS provides a robust platform that complements our strengths in the pharmaceutical sector,” said Murshed Al Redaini, the Group Chief Executive Officer of Yas Holding. “This investment also underscores our commitment to the UAE Vision 2030 and is in line with our focus to establish a well-entrenched healthcare business. We are confident IDS’ business operations will synergise appreciably with our other healthcare companies,” he added.
IDS was established in 1968 and partners with leading multi-national corporations in the UAE to supply a diverse product portfolio across a range of therapeutic classes, including antibacterial, asthma, hypertension, diabetes, muscle relaxant, cardiovascular, anticoagulant, anti-rheumatic, and other classes.
Ashraf Radwan, the CEO of GHH, said: “We have a proven track record of creating significant long-term value by successfully integrating acquisitions into our growing portfolio of assets. This acquisition aligns with our overall strategy, since we view the business as an attractive opportunity offering substantial synergies.”
Suresh Vaidhyanathan, Group CFO of Yas Holding, said, “Our ability to penetrate all consumer channels is a critical component of our healthcare value chain. IDS significantly enhances this capability along with a strong product portfolio that complements our growing ecosystem in healthcare.”