Aspen is pleased to announce that Pharmacare Limited (“Pharmacare”), a wholly owned subsidiary of Aspen Holdings and the Group’s primary South African trading company, has concluded a set of agreements with Litha Pharma (Pty) Ltd (“Litha”) (a wholly owned South African subsidiary of Endo International Plc) in terms which Pharmacare will divest a business unit which forms part of its pharmaceutical division to Litha for a consideration of approximately R1.6 billion (“the Transaction”).
The business unit concerned has a product portfolio comprising injectables and established brands. This portfolio recorded revenue of R362 million and a direct contribution to profit before tax of R136 million for the year ended 30 June 2014.
The Transaction forms part of Aspen’s communicated strategic intent to focus attention in areas where most value can be added and to lessen complexity.
The Transaction is conditional upon, inter alia, the approval of the South African Competition Authorities.
11 May 2015
Investec Bank Limited