Financial concentration and governance behind Sothema’s acquisition of Soludia

16:00

By: Sahili Aya

Financial concentration and governance behind Sothema’s acquisition of Soludia

The pharmaceutical sector in Morocco is increasingly moving beyond its traditional role as a pillar of public health. Over the years, it has become a strategic space for capital concentration, where value is created, consolidated and transferred through large-scale financial operations, often with limited public scrutiny. The near-total acquisition of Soludia Maghreb by Sothema, valuing the company at close to one billion dirhams, is a striking example of this transformation.

Soludia, a company specializing in products essential to hemodialysis treatment, projects solid financial performance for 2025, with expected revenues of around 360 million dirhams and an adjusted EBITDA estimated at 90 million dirhams, excluding synergies. These figures highlight how a business linked to a vital chronic medical condition can generate margins strong enough to justify a very high valuation.

The transaction also involves a significant capital increase at Sothema, amounting to more than 630 million dirhams and approved by the Moroccan Capital Market Authority, along with a deferred payment mechanism tied to future performance. In this context, pharmaceuticals are no longer viewed solely as medical solutions but as structured financial assets.

Beyond the numbers, the deal sheds light on shifting ownership dynamics within Morocco’s drug market. Before the acquisition, Soludia was controlled by a mix of private shareholders, investment funds and founding families. Following the transaction, control is almost entirely transferred to Sothema, one of Morocco’s leading pharmaceutical groups, founded in the 1970s and active on international markets. The logic is clear: consolidation, vertical integration and margin security.

This acquisition is part of a broader trend in which a limited number of major players are strengthening their dominance over strategic therapeutic segments. By absorbing specialized firms, these groups are able to secure stable revenue streams and transform essential healthcare needs into long-term profit centers.

Hemodialysis illustrates this reality particularly well. It is not a cyclical market but a structural and growing demand, largely financed through public or semi-public systems. Revenue flows are predictable, commercial risks are limited and profitability remains high.

While such operations are legally regulated and subject to oversight by competition and market authorities, they raise important questions about social and economic legitimacy. The growing financialization of essential treatments challenges policymakers to ensure transparency, fair pricing and sustainable access to care, especially in a sector that directly affects public health and public finances.

Ultimately, wealth creation through pharmaceuticals in Morocco is neither a myth nor a scandal in itself. It is a documented economic reality. However, when life-saving treatments become assets valued at hundreds of millions of dirhams, the need for a broader public debate on regulation, governance and the social role of medicine becomes unavoidable.