Rafa offer for sale nets FIMI NIS 500m

Pharmaceuticals company Rafa Laboratories completed its raise via an offer for sale yesterday, and reported the results last night. Private equity firm FIMI Opportunity Funds acquired control of the company in 2020 from the Sackler family and improved its performance. The offer for sale gave a smaller return to FIMI than expected, however. It received NIS 500 million from the sale of 31 million shares and 19 million warrants (which it received free). Originally there was talk of up to NIS 1 billion for FIMI, but market conditions have become more difficult in the past few weeks, with the main stock exchange indices sliding.

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Rafa Laboratories was founded in 1937 by Dr. Baruch (Boris) Samuel Levin. His heirs – Amir, Tal and Michal Levin and Limor Sarit Pua Sasson – remained with a 12% holding in the company before the offer for sale. The family members sold 4.3 million shares for an aggregate NIS 68.3 million. The person responsible for the company’s improved performance in recent years is its chairperson Ori Yehudai, who in the past ran Frutarom.

Besides his business experience, Yehudai has a family connection to FIMI: he is a cousin of FIMI chairperson, CEO and founder Ishay Davidi. He sold 1.44 million shares in the offer for NIS 22.7 million.

Rafa Laboratories produces and sells over 100 drugs, both original and generic, and other therapeutic products. It has a plant at Har Hotzvim in Jerusalem. Among its best-known products are Hedrin Once for eliminating head lice, Bondormin for treating sleep disorders, Stopit for diarrhea, Vaben for treating anxiety, and Daybue, for treating Rett syndrome.

In addition, Rafa is active in biodefense, which is one of its growth engines. It develops autoinjector products for use in emergency as protection against chemical warfare. It is also developing new products to treat trauma, pain, and additional ABC (atomic, biological, and chemical) threats. The company has received finance of up to $186 million from the US Department of Health and Human Services for the development of an injection to treat severe hemorrhaging after injury (TXA).

In 2025, Rafa had revenue of NIS 418 million, similar to the figure for 2024, of which 63% came from the production and sale of drugs, and 37% from biodefense. The company posted a net profit of NIS 100 million, again similar to the previous year’s figure.

Published by Globes, Israel business news – en.globes.co.il – on July 14, 2026.

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