Moroccan billionaire Anas Sefrioui is moving deeper into pharmaceuticals through a proposed acquisition of the Moroccan subsidiaries of Servier, France’s second-largest pharmaceutical group.
- Anas Sefrioui’s Pharma Capital is seeking full control of Servier’s two Moroccan subsidiaries.
- The proposed transaction covers a pharmaceutical operation and a company holding commercial and industrial property.
- Sefrioui previously expanded into the sector through proposed controlling stakes in Afric-Phar, Pharmis and Partner Lab.
- The Servier transaction remains subject to approval from Morocco’s Competition Council.
Pharma Capital, a company belonging to Sefrioui Group, is seeking to acquire 100 per cent of Servier Maroc and Servier Maroc Investissements, according to a notification published by Morocco’s Competition Council.
The proposed transaction covers the entire share capital and voting rights of both companies. It remains subject to regulatory approval, and no purchase price has been disclosed.
Africa Intelligence reported on 19 August that Pharma Capital had outbid other candidates for the businesses. It also reported that the new owner would manufacture Servier medicines under licence for 15 years.
Those details were reported by Africa Intelligence and are not contained in the Competition Council’s public notification.
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From property into pharmaceuticals
Sefrioui built most of his fortune through Groupe Addoha, the Casablanca-listed property developer known for housing projects in Morocco and other African markets.
Forbes estimated his family’s fortune at $1.5 billion on 20 August.
The Servier transaction would strengthen a pharmaceutical portfolio that Sefrioui has been building separately from his property and cement businesses.
In November 2024, Pharma Capital notified the Competition Council of a transaction involving proposed stakes of 95.35 per cent in Afric-Phar, 55 per cent in Pharmis and four per cent in Partner Lab.
The regulator described the transaction as the proposed acquisition of exclusive control of the three companies.
Afric-Phar and Pharmis manufacture and distribute pharmaceutical products, while Partner Lab specialises in pharmaceutical research and development.
The Servier deal would add another manufacturing and distribution operation to that portfolio.
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What the transaction includes
Servier Maroc manufactures, distributes and markets medicines covering cardiovascular and metabolic diseases, venous conditions and oncology, according to the Competition Council.
Servier Maroc Investissements owns and manages commercial and industrial property. Its activities include acquiring, leasing, constructing and developing real estate.
Pharma Capital is therefore seeking both the operating pharmaceutical company and the property associated with the business.
Servier operates in more than 130 countries and employs over 20,000 people worldwide. The foundation-controlled group generated approximately $8 billion (€6.86 billion) in revenue during its 2024/25 financial year.
The proposed sale does not include Servier’s global business or ownership of its international medicines. It concerns only the two Moroccan entities.
If the reported 15-year licensing arrangement is confirmed, the Moroccan operation would be able to continue manufacturing Servier products after the ownership change.
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A growing pharmaceutical portfolio
The acquisition would move Sefrioui further away from his public image as mainly a property billionaire.
It would also give Pharma Capital a larger position in Morocco’s pharmaceutical manufacturing sector at a time when the country is trying to produce more medicines locally and reduce its dependence on imports.
However, neither the Competition Council nor Pharma Capital has said whether Servier Maroc would be merged with Sefrioui’s other pharmaceutical interests.
The deal must therefore be described as proposed or pending. Sefrioui has not completed the acquisition, and final regulatory approval has not been publicly announced.
