(Ecofin Agency) - Only three years after joining the shareholding of Amanys Pharma, a Moroccan antibiotics manufacturer and hospital supplier, private equity firm SPE Capital and France's Proparco are exiting the company, selling their shares to Laprophan, a Moroccan pharmaceutical company.
SPE Capital and Proparco are no longer shareholders in Amanys Pharma (formerly Saham Pharma). The Africa-focused private equity firm and the French institution announced on November 11 that they were exiting the Moroccan pharmaceutical group.
Laprophan, a Moroccan drug maker, agreed to buy the stakes for an undisclosed amount.
SPE Capital and Proparco are leaving after three years of investment in the Amanys group. The two partners, who claim to have supported Amanys in its growth by expanding its industrial capacities and improving its governance standards, have not communicated on the profitability (internal rate of return) of this investment.
When they joined Amanys Pharma, SPE Capital and Proparco had committed to accelerating the company's growth, consolidating its position in the antibiotics manufacturing sector in Morocco and supporting its international development.
Once the exit obtains the necessary regulatory approvals, it will be SPE Capital’s second exit via its Africa-focused private equity fund, SPE AIF I.
Morocco manufactures 70% of its drug needs. This contrasts with the whole African continent which produces only 30% of the drugs it needs. According to the African Development Bank (AfDB), the continent spends $14 billion per year on drug imports.