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Cases & Deals

November 23, 2021

King & Spalding advises Gulf Investment Corporation on a sale of a 35% interest in a Pharmaceutical Company in Saudi Arabia

King & Spalding LLP represented Gulf Investment Corporation (“GIC”) on its sale of a 35% interest in Sudair Pharmaceutical Company (“SPC”) to Al Hammadi Company for Development and Investment (“Al Hammadi”), for US$ 31.5 million. 

GIC was established in 1983 and is equally owned by the six member states of the Gulf Cooperation Council. GIC has extensive experience in, and commitment to, principal investing that supports the development of private enterprise and economic growth in the region. GIC has been involved in the SPC from inception where it acted as a co-developer and a major shareholder.

SPC is a Saudi-based manufacturer of hi-tech pharmaceutical biologics, with an aim to help improve the healthcare provision and secure the supply of the latest pharmaceuticals to Saudi Arabia and the MENA region.

Al Hammadi is a joint stock company that is listed on the Saudi Stock Exchange (Tadawul). Al Hammadi was founded to own, manage and operate hospitals and medical centres in Saudi Arabia. Currently, Al Hammadi manages three hospitals in Riyadh.