HarmeeCare Pharmaceuticals to Acquire Kilitch Estro Biotech for $14 Million

State-owned HarmeeCare Pharmaceuticals, an enterprise under the Oromia Regional State, has agreed to acquire Kilitch Estro Biotech PLC, the Ethiopian subsidiary of Indian manufacturer Kilitch Drugs, for $14 million. The acquisition, approved by the boards of both companies, is expected to conclude by January 31, 2027. Kilitch Drugs is divesting from its Ethiopian operations to focus capital on expanding manufacturing facilities in India and entering the high-growth GLP-1 therapy market for diabetes and obesity treatment. Located in the Oromia Special Zone, the factory is a major antibiotic manufacturer with a significant production capacity for vials and capsules. Despite securing public sector supply contracts, the Ethiopian subsidiary struggled with financial stability and negative net worth, prompting the sale. The deal remains subject to final regulatory and shareholder approvals.