Supporting Aspen to strengthen Africa's pharmaceutical sector

Based in South Africa and listed on the Johannesburg Stock Exchange, Aspen is the largest pharmaceutical manufacturer in Africa and one of the first producers of generic medicines in the world. The group, which employs over 9,100 people, markets its medicines in 115 countries through a network of 65 offices in 50 countries, with 64% of sales generated in emerging markets. Aspen has 23 plants on 4 continents, 14 of which are located in developing or emerging countries. The group realized EUR 2.2bn revenues and EUR 571M EBITDA during its financial year ending on 30 June 2023. 

The project consists in a EUR 500M corporate finance package provided alongside IFC, DEG and DFC. It follows on a first emblematic EUR 600M syndication provided by the same lenders in 2021.

This financing will support Aspen’s “Manufacturing in Africa for Africa” strategy by scaling up its manufacturing capabilities in South Africa to produce essential pharmaceuticals, insulin, and pediatric vaccines through strategic partnerships with global producers. Additionally, the loan package will facilitate distribution and promotion agreements to broaden access to innovative medicines in Sub-Saharan Africa. It will also strengthen Aspen’s financial resilience by providing long-term patient debt and supporting working capital needs.

The project will thus improve accessibility and affordability  of essential pharmaceutical products in emerging countries, especially on the African continent by boosting local production of pharmaceuticals, insulin and vaccines. 

This financing is expected to support jobs within the company and within the value chain over the next 5 years, as well as to support the potential provision of new or improved access to pharmaceutical products benefiting up to 762,000 beneficiaries.

  

The project will thereby contribute to SDG #3 (Good health and wellbeing), SDG #8 (Decent work and economic growth) and SDG #10 (Reduced inequalities).