Joint Venture Company in Dubai to Focus on Middle East, Africa, Turkey and Caspian Region
Company to Specialise in in-Licensing, Acquiring, Registering and Commercialising Therapeutics Approved by US, European and Japanese Drug Regulatory Authorities
Dubai-UAE: 13 February, 2011 – NewBridge Pharmaceuticals (NBP), a company specialising in in-licensing, acquiring, registering and commercialising therapeutics approved by the regulatory authorities in the US, Europe and Japan, was officially launched in Dubai in the presence of regional as well as international industry and business leaders.
A joint venture by San Francisco-based global leader in life sciences Burrill & Company, and the life sciences arm of the National Technology Enterprises Company (NTEC), a Kuwait Investment Authority-mandated fund, the NBP headquarters is based at the Dubai Biotechnology and Research Park (DuBiotech), the region’s leading life sciences park. The company will focus on the Middle East, Africa, Turkey and the Caspian regions (AfMET).
NBP will initially specialize in oncology, endocrine and metabolic disorders (obesity and diabetes), gastroenterology, cardiovascular and dermatology franchises. In the future, NBP will additionally explore opportunities in OTC and point-of-care diagnostics.
Joe Henein, CEO and President of NewBridge Pharmaceuticals, said: “We are delighted to commence our operations in Dubai as the hub for our business outreach into the region. Our business model’s value lies in our highly professional team with competencies in the areas of registration, medical, pharmacovigilance and commercial capabilities acquired through years of working in multinational pharma.
“We also offer an integrated strategy of regional expertise and international access that translates into connectivity with a wide range of partners and key stakeholders in and out of the region, and offers a flexible approach to joint ventures and partnerships. Finally, NewBridge is about creating a regional platform that will facilitate the introduction of innovative products that meet the specific disease prevalence of the region such as cancer, diabetes, and obesity.”
G. Steven Burrill, CEO of Burrill & Company and board member of NewBridge, addressed the audience on ‘Biotech 2011 – Looking Back to See Ahead’ at the launch event.
Burrill said: “In the next five years, the biotechnology and pharmaceutical industry in emerging markets, including the Middle East, will contribute to more than half of the global growth, valued at US$160 billion. And this will take their global market share to around 25 per cent. The industry will be driven by a growing young population, a clear policy commitment to healthcare, as well as a shift in disease trends that is creating new demands.
“With NewBridge Pharmaceuticals, we aspire to be at the forefront of the next generation of healthcare companies that will use innovation to reduce the burden of disease incidence and remain an integral part of the disease management process, while providing pre-emptive and preventive medicine.”
Qais Marafie, Assistant Vice-President – Investment Projects Life Sciences at NTEC, and a board member of NBP, said: “Through this company, we aim to create a base for marketing products exclusively owned by NewBridge Pharmaceuticals in the Middle East region. In collaboration with Burrill & Company, we assessed this project since inception and we are proud to deal with this creative team that has extensive knowledge of the region.
“In addition, we will complement the offering of NewBridge Pharmaceuticals for future projects in the life sciences domain. Our investments in this area currently represent nearly one third of our total portfolio and we are looking to expand this stake while focusing on business opportunities that offer sustainable long-term growth.”
NewBridge Pharmaceuticals will complement the industry offerings and meet niche requirements in the Middle East, Africa, Turkey and Caspian (AfMET) market that is approximately valued at US$33 billion and has a projected average annual growth rate of nine per cent.