SIFI ANNOUNCES THE ESTABLISHMENT OF A JOINT VENTURE IN THE UNITED ARAB EMIRATES
CATANIA, Italy, Feb. 5, 2024 /PRNewswire/ -- SIFI, a leading international ophthalmic company headquartered in Italy, is pleased to announce it entered into an agreement with Globe MedEx, its commercial partner and exclusive distributor in Egypt, to establish a Joint Venture ("JV") to commercialize premium innovative intraocular lenses ("IOLs") in the Countries belonging to the Gulf Cooperation Council ("GCC").
The JV will have exclusive rights to SIFI's range of IOLs, including the innovative Extended Depth of Focus ("EDOF") IOLs. These include Well Fusion®, the most advanced solution for cataract refractive surgery, allowing correction of myopia/hyperopia, presbyopia and astigmatism resulting in spectacle-free uninterrupted high-quality vision at all distances and in all lighting conditions, and Evolux®, a novel extended monofocal IOL, based on a hydrophobic material and a non-diffractive profile, designed to provide better intermediate vision and equivalent distance vision when compared to a standard monofocal IOL.
The JV will be based in Dubai and initially focus on the United Arab Emirates ("UAE"), expanding its commercial reach to Bahrein, Oman, Qatar, Kuwait, and the Kingdom of Saudi Arabia as a second step. Approximately 100.000 cataract surgeries are performed each year across these Countries with an annual growth rate of 3.0%, with almost 50% Premium IOLs.
"We are excited to enter into this partnership with Globe MedEx to access the Gulf Countries and potentially the wider Middle East." stated Fabrizio Chines, SIFI Chairman and CEO. "With its successful track record in marketing our products in Egypt and given the strong connections between the Egyptian and the local medical communities, Globe MedEx represents the partner of choice to bring our innovative solutions for cataract surgery to patients in this fast-growing region of the world."
"SIFI was the worldwide pioneer of EDOF IOLs and I believe their best in class technologies have significant potential in the Gulf region and beyond." said Mohamed Fares, Globe MedEx Chairman and CEO. "It is therefore a great honor to invest alongside SIFI and bring such innovation to ophthalmologists and patients".
Under the terms of the agreement, SIFI will own a majority of the shares and contribute its existing portfolio and development pipeline of IOLs together with its clinical development and regulatory expertise, while Globe MedEx will be primarily responsible for managing commercial operations. Both parties will provide funding for growth.
Grimaldi Alliance and Baitulhikma acted as legal advisors on this transaction.
ABOUT SIFI: SIFI is a leading international ophthalmic company, headquartered in Italy, featuring an integrated business model, from research & development to manufacturing and commercialization both in pharmaceutical and biomedical sectors. Since our foundation in 1935, our mission is to improve people's lives through meaningful innovation in eye care. SIFI exports to more than 40 countries worldwide with a direct presence in major European markets, Mexico and, through joint ventures, in China and the United Arab Emirates.
ABOUT GLOBE MEDEX: Globe MedEx was established in October 2017 with the mission to introduce high quality ophthalmic medical devices in Egypt first and then in the Middle East and Africa. Globe MedEx was ranked 11th by the Financial Times among Africa's Fastest Growing Companies in 2023. Globe MedEx is the exclusive distributor of SIFI's range of IOLs in Egypt.
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