GlaxoSmithKline Egypt to Split its Healthcare Assets⚕

Local Pickup🌇

GlaxoSmithKline Egypt to Split its Healthcare Assets⚕

The Egyptian Drug Authority (EDA) approved the split of GlaxoSmithKline’s (BIOC) movable consumer healthcare assets from its intangible assets.

More Details🧐 GSK Egypt will sell its consumer healthcare assets to GSK Egypt Consumer Healthcare Limited, which will focus on the consumer healthcare business. 

An independent financial advisor has set the fair value of the consumer healthcare assets (excluding real estate & machinery) at EGP 1.18 billion, which GSK Egypt’s board of directors approved.

Why is this Important🤔 The move comes as part of the parent company’s global restructuring plan of separating its pharmaceutical & vaccines business from the consumer healthcare business. 

E-Finance Subsidiary Targets Issuing Insurance Cards in Zimbabwe💳

E-Finance (EFIH) subsidiary E-Cards is negotiating the issuing of healthcare insurance cards for healthcare insurance providers in Zimbabwe.

More Details🧐 The issuing & managing of electronic cards is among E-Finance’s regional expansion plans.

Why is this Important🤔 E-Finance reported revenues of EGP 1.29 billion in the first nine months of 2021, with E-Cards contributing EGP 151.2 million (11.7%). 

Startup Spotlight💡 – Edtech Platform Orcas Raises $2.1 Million🏫

Edtech startup Orcas has raised $2.1 million in its pre-Series A round, co-led by Cairo for Investment & Real Estate Development’s (CIRA) NFX Ventures & Access Bridge Ventures. Algebra Ventures, Launch Africa Ventures, & others also participated. 

More on Orcas💻 Orcas aims to unlock digital live learning capabilities for schools & teachers both offline & online in Egypt, Saudi Arabia, & Pakistan (MENAP). Parents & students can find tutors & hybrid courses through Orcas’ platform.

More Details🧐 Orcas plans to start its operations in Lahore, Pakistan in early 2022 to help students in the 5th most populated country in the world find high-quality tutors & personalized learning plans.

Orcas had announced a partnership with CIRA’s school network back in September to provide a platform for education through social media.

Why is this Important🤔 Orcas will use the funding to continue building their product, acquire talent, & expand to new geographies in MENAP.

What else is Clapping👏

  • Egypt’s Exports Record $31 Billion in 2021

Global Pickup🌎

Netflix Raises its Subscription Prices in the U.S. & Canada; Stock Jumps📺

Netflix (NASDAQ: NFLX) has raised the prices of all its monthly subscription plans in the U.S. & Canada, sending its stock up as much as 3% in the last trading session.

More Details🧐 The basic plan rose from $8.99 to $9.99, the standard plan increased from $13.99 to $15.49, & the premium plan jumped from $17.99 to $19.99.

This is not the first time Netflix & has raised prices & will not be it’s last. The streaming giant said the increase in plans prices will allow them to “continue to offer a wide variety of quality entertainment options”. 

Why is this Important🤔 Competition is increasing in the streaming services industry, & the new plan prices have put Netflix on the more expensive side of the spectrum. Although Netflix has a considerably higher number of subscribers compared to the likes of Disney+, HBO, & Prime Video, the company has had to spend heavily in producing content for its service.

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