In Morocco, a major economic concentration was signed, involving the acquisition by Pharma Capital SA exclusive control of companies Afric-Phar SA, Pharmis SA et Partner Lab SA. This buyout is carried out through the acquisition of 95.35%, 55%, and 4% of their respective share capital, as well as the associated voting rights. The project, notified to the competition council on November 7, 2024, marks the largest transaction in the pharmaceutical sector ever recorded in Morocco and on the African continent.
Emerge Investthe investment bank founded by Raymond Farhatformer general manager of Colina, played a central role in this operation. In fact, the company supported the groupe Sefrioui in the acquisition of the group Afric-Pharwhich includes two pharmaceutical laboratories — Afric-Phar and Pharmis — as well as a research and development company, Partner Lab.
Emerge Invest was involved in all key stages of the transaction, from origination to due diligence, including negotiations. The bank also continues to coordinate the process with a view to closing this historic operation.
The group Afric-Phar generated a turnover of 784 million dirhams in 2023, i.e. approximately 80 million dollarsand employs nearly 400 people. The company is active in various therapeutic areas, including cardiology, anesthesia, life support, and the central nervous system.
Raymond Farhat, an economist by training, began his career in insurance in the 1980s, after experience in auditing at Ernst & Young. Recruited as an internal auditor by Libano-Suisse Insurance, he was chosen in 1990 by Michel Pharaon to manage Colina. Under his leadership, the company experienced strong growth, becoming a major player in French-speaking Africa. Farhat plays a strategic role in the takeover of Colina by Moulay Hafid Elalamy, boss of Saham Finance. The merchant bank Émerge Invest has more than 30 years of experience in high finance.
Senegal
