Pharma tycoon Stephen Saad’s Aspen sells six product lines to Swiss pharmaceutical company
South Africa-based Swiss pharmaceutical giant Aspen Pharmacare Holdings Limited has signed an agreement with the Swiss pharmaceutical company Acino to sell six product lines for more than R1.8 billion ($121.2 million).
Aspen is a multinational holding for pharmaceutical interests and the largest drug company in Africa. South African pharma tycoon Stephen Saad is its founder.
Aspen plays a significant role in the South African medical market, employing over 9,800 people. It has at least 71 established offices in more than 50 countries.
The acquired product lines include Trustan, Altosec, Zuvamor, Ciavor, Grantryl and Aspen Granisetron, Engineering News reported. The medicines are used for treating gastroenterology, erectile dysfunction and cardiovascular diseases.
The acquisition will strengthen Acino’s footprint in South Africa by expanding its offerings in these therapeutic segments.
The parties have also signed a manufacturing and supply agreement that will see Aspen supply Aspen-manufactured products to Acino for seven years to ensure uninterrupted patient access to these medicines.
This will further bolster both parties’ stakes in South Africa’s drug market.
According to Saad, the transaction forms part of Aspen’s communicated strategy to refine its product portfolio in Africa’s most industrialized economy.
Commenting, Acino CEO Steffen Saltofte said “the agreement will fortify Acino’s presence in South Africa and enable us to expand our diverse portfolio of high-quality, innovative treatments that help improve people’s lives.”
Acino is a Swiss pharmaceutical company that develops, manufactures and markets globally well-proven and innovative pharmaceuticals in novel drug delivery forms.
The company is a leader in advanced drug delivery technologies, with a focus on modified release oral forms and oral dispersible forms, for which it holds patents.