Moroccan billionaire Anas Sefrioui expands into pharmaceuticals with Servier deal

Moroccan billionaire Anas Sefrioui is broadening his business interests beyond real estate and cement with a proposed acquisition of the Moroccan operations of Servier, France’s second-largest pharmaceutical group. 

Pharma Capital, an investment company owned by Sefrioui Group, is seeking to acquire 100% of Servier Maroc and Servier Maroc Investissements, according to a notification published by Morocco’s Competition Council. 

The transaction covers the full share capital and voting rights of both companies. The deal still requires regulatory approval, and neither side has disclosed a purchase price.

Sefrioui builds pharmaceutical business 

Pharma Capital was established by Sefrioui Group in 2024 as part of its expansion into healthcare and pharmaceuticals. The company has since begun assembling a portfolio that could give Sefrioui a larger role in Morocco’s drug manufacturing industry. 

In November 2024, Pharma Capital notified the Competition Council of plans to acquire stakes of 95.35% in Afric-Phar, 55% in Pharmis and 4% 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 focuses on pharmaceutical research and development. 

The proposed Servier acquisition would add another established pharmaceutical operation to those interests. 

Servier Maroc manufactures, distributes and markets medicines used to treat cardiovascular and metabolic diseases, venous conditions and cancer, according to the Competition Council. 

Servier Maroc Investissements, meanwhile, owns and manages commercial and industrial property, including assets used for acquiring, leasing, constructing and developing real estate. 

That means Pharma Capital is seeking to acquire both the pharmaceutical business and the property company linked to Servier’s Moroccan operations.

Servier deal covers two Moroccan entities

Pharma Capital emerged ahead of other bidders and that the new owner would manufacture Servier medicines under a 15-year licensing agreement. 

Those details were not included in the Competition Council’s public notification and have not been independently confirmed by the regulator. 

Servier operates in more than 130 countries and employs more than 20,000 people worldwide. The foundation-controlled group reported about $8 billion (€6.86 billion) in revenue for its 2024-25 financial year. 

The proposed transaction is limited to Servier’s two Moroccan entities. It does not involve the sale of Servier’s global business or ownership of its international pharmaceutical portfolio. 

If the reported licensing agreement is completed, Servier medicines could continue to be manufactured in Morocco following the ownership change. 

The deal also fits into Morocco’s broader push to expand domestic pharmaceutical production and reduce reliance on imported medicines. 

For now, however, the transaction remains pending. Neither the Competition Council nor Pharma Capital has announced final approval or said whether Servier Maroc will eventually be combined with Sefrioui’s existing pharmaceutical businesses. 

Sefrioui expands beyond Morocco’s property market

Sefrioui is best known as the founder and chairman of Groupe Addoha, one of Morocco’s largest listed property developers. 

He began his business career in the early 1980s in paper manufacturing and processing, establishing industrial operations in Casablanca, Tangier, Fez and Agadir. He later co-founded a company focused on carbonate production with two international partners. 

In 1988, he founded Douja Promotion Groupe Addoha and has remained chairman and chief executive. He owns 64.78% of the company, according to the information provided. 

Groupe Addoha helped build most of Sefrioui’s fortune through housing and property projects in Morocco and other African markets. 

In 2007, he expanded into cement by launching Ciments de l’Atlas, where he remains chairman and chief executive. Forbes estimated his family’s fortune at $1.5 billion.

The Servier transaction would mark another significant step in Sefrioui’s efforts to build businesses outside property, giving his group a larger stake in an industry closely tied to Morocco’s push for greater local pharmaceutical production.