Finance

SA's Aspen Pharmacare sells 6-product portfolio to Swiss Acino Pharma

SA's Aspen Pharmacare sells 6-product portfolio to Swiss Acino Pharma
Monday, 25 October 2021 17:28

Three months after it raised about €600 million in long-term financing, drug maker Aspen continues to improve its product portfolio in South Africa. The group intends to set money aside to settle some of its debt.

JSE-listed group Aspen Pharmacare Holdings Ltd has sold a portfolio of six products marketed under the Trustan, Altosec, Zuvamor, Ciavor, Grantryl, and Aspen Granisetron brands to Swiss pharmaceutical company Acino, for R1.8 billion (about $123 million).

Stephen Saad, MD of Aspen, said the sale was agreed on to refine the company’s product portfolio in South Africa. In its annual results published at the end of August, covering the 12 months to 30 June 2021, Aspen said it had decided to adjust its existing portfolio in South Africa in line with its strategic objectives. The group said it has completed two recent disposals and announced further transactions in the coming months.

The funds raised from these transactions will enable the South African pharmaceutical company to reduce its debt, which stood at R16.3 billion in June 2021. Three months ago, Aspen raised nearly €600 million in financing from four international financial institutions to strengthen its balance sheet, support its operations and refinance its debt.

With this acquisition, Swiss Acino, which is backed by Nordic Capital and Avista Capital, will continue to expand its footprint in South Africa. The buyer will add the acquired brands to its existing product portfolio.

The deal is expected to close by December 31, 2021, once customary closing conditions, including regulatory approvals, are secured.

Chamberline Moko 

On the same topic
• Bassirou Diomaye Faye denounces credit rating agencies’ methodologies as ill-suited to African contexts.• Senegal urges reforms to enable fairer...
(AfDB)-The Board of Directors of the African Development Bank Group has approved a $474.6 million loan for South Africa's Infrastructure Governance...
New card enables African payments without using US or European networks Aims to lower costs, protect financial data, and boost intra-African...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société Générale Burkina Faso (SGBF).•The move is part of...
Most Read
01

Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...

Telecoms: Lebara Enters Nigerian Market with Strong Competitive Ambitions
02

• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...

Israel-Iran conflict raises new threats for global shipping and oil trade
03

• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...

Gates Foundation Pledges $1.6 Billion to Gavi to Boost Global Child Vaccination
04

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
05

Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...

Côte d’Ivoire’s Fuel Price Cuts Haven’t Slashed Transport Costs–Yet
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.