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APNASPENAspen Pharmacare Hldgs19637234 (1.21%)

Aspen is in a closed period from 1 January until the publication of our interim results on the JSE SENS platform to be released on 4 March 2024.

About Aspen

Group Overview

170-Year Heritage

With a 170-year heritage, Aspen is a global specialty and branded multinational pharmaceutical company with a presence in both emerging and developed markets. We have more than 9 100 employees at 65 established offices in over 50 countries and we improve the health of patients in more than 115 countries through our high quality, affordable medicines.

Aspen focuses on marketing and manufacturing a broad range of post-patent, branded medicines and domestic brands covering both hospital and consumer markets through our key business segments. Our key business segments are Manufacturing and Commercial Pharmaceuticals comprising Regional Brands and Sterile Focus Brands. Our manufacturing capabilities cover a wide variety of product types including steriles, oral solid dose, liquids, semi-solids, biologicals and active pharmaceutical ingredients.

 

We operate 23 manufacturing facilities across 15 sites and we hold international manufacturing approvals from some of the most stringent global regulatory agencies including, among others, the United States Food and Drug Administration, the Australian Therapeutic Goods Administration and the European Directorate for the Quality of Medicines.

Our Global Presence

Map Legend

Regional Overviews

Africa Middle East

Americas

Australasia

Europe CIS

Our Leadership

Stephen Saad (59)

Classification:

Qualification:

Appointment:

Group Chief Executive
CA(SA), PhD (Commerce) Honoris Causa
January 1999

Stephen is a founding shareholder of the Aspen Group and his responsibilities include strategic positioning and global transactions, geographic expansion and product diversification of Aspen in developed and emerging markets as a leading multinational pharmaceutical company.

Sean Capazorio (58)

Classification:

Qualification:

Appointment:

Group Chief Financial Officer
CA(SA)
January 2022

Sean is responsible for all of the Group’s finance functions across Aspen’s 60 businesses. He also assesses business performance and identifies business improvement opportunities.

Kuseni Dlamini (55)

Classification:

Qualification:

 

Appointment:

Independent Non-executive, Chairman
MPhil (Oxon), BSocSci (Hons) (Natal), Global Leadership for the 21st Century Programme (Harvard), Foundations for Leadership in the 21st Century (Yale)
April 2012

Kuseni is the Chairman of Massmart Holdings Limited. He was previously Chairman of Times Media Group Limited and Chief Executive Officer of Old Mutual South Africa and Emerging Markets. He brings a wealth of economic and business skills to the Board, having previously held positions as the head of Anglo American South Africa and Executive Chairman of Richards Bay Coal Terminal Company.

 

Kuseni is the former Chairman of the South African National Parks and a former member of the Global Agenda Council on Economic Growth and Poverty Alleviation formed by the World Economic Forum. He is active in academic and professional bodies, which include the Council of the University of Pretoria, the South African Institute of International Affairs, and the advisory boards of the Gordon Institute of Business Science and Common Purpose.

 

Kuseni is a member of the Remuneration & Nomination Committee and the Social & Ethics Committee.

Linda de Beer (54)

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Qualification:

Appointment:

Independent Non-executive
CA(SA), MCom (Tax), CD(SA)
July 2018

Linda serves as an independent non-executive director on a number of JSE listed boards, namely Momentum Metropolitan Holdings Limited, Tongaat Hulett Limited and Shoprite Holdings Limited. She chairs or serves on the audit committees of these boards and also serves on a number of their other board committees. She was previously a member of numerous South African and international standard setting, oversight and corporate governance structures. In addition, chairs the board of trustees of the International Public Interest Oversight Board (PIOB), a non-profit foundation in Spain, and serves as a trustee of the International Valuations Standards Council (based in London).

 

Linda serves as the Chair of the Remuneration & Nomination Committee and is a member of the Audit & Risk Committee.

Ben Kruger (63)

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Qualification:

 

Appointment:

Lead Independent Non-executive
BCom (Hons), CA(SA), Advanced Programme in Management (Harvard Business School)
April 2019

Ben joined Standard Merchant Bank in 1985 and, after having fulfilled various leadership roles in corporate and investment banking, was appointed as Chief Executive of Standard Bank Corporate and Investment Banking in 2001. In March 2013, Ben was appointed as Co-Chief Executive Officer of the Standard Bank Group Limited, and he retired from The Standard Bank Group on 31 December 2018. He currently serves as a non-executive director on the board of Stanbic IBTC Holdings Plc and Stanbic IBTC Bank Plc and as a non-executive director on the board of the JSE Limited. He is a member of the Institute of Directors of Southern Africa and served on the board of the International Institute of Finance. Ben is also a member, and serves as Deputy Chair, of the Council of the University of Pretoria.


Ben serves as the Chair of the Audit & Risk Committee, and is a member of the Social & Ethics Committee.

Themba Mkhwanazi (53)

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Appointment:

Independent Non-executive
B.Eng (Hons)
April 2019

Themba was appointed as the Chief Executive Officer of Kumba Iron Ore Limited, a member of the Anglo American Plc Group, in September 2016. Prior to this appointment, he held several senior executive positions at various companies, including Anglo American Coal South Africa, Rio Tinto Technology and Innovation, Rio Tinto Australia and Huntsman Tioxide Southern Africa.

Themba is a member of the Remuneration & Nomination Committee.

Chris Mortimer (61)

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Appointment:

Non-executive
BA, LLB
January 1999

Chris has been a full-time practising attorney since 1988 and has substantial legal and commercial expertise. His intimate knowledge of the Group, its business operations and governance processes have been of immense benefit to Aspen over the years and he continues to serve the Board as a trusted adviser. As Chris’s firm is intermittently called upon to provide legal advice to the Group, he is classified as a non-independent non-executive director.

Yvonne Muthien (67)

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Qualification:

Appointment:

Independent Non-executive
D.Phil (Oxford), MA (Political Science), BA (Hons)
December 2021

Yvonne currently serves as Chairperson of the Rhodes Food Group, and as an independent non-executive director on the boards of the SA Reserve Bank and the SA SME Fund. She was also on the board of Thebe Investment Corporation, Chairperson of Bankserv and Chairperson of the Sasol Foundation. Yvonne previously served as Chief Executive: Group Services at Sanlam and Executive Director of Sanlam Ltd as well as Non-Executive Director of Santam, Sanlam Investments and Sanlam Investment Management. Preceding that she was Vice President of Public Affairs & Communications for Coca-Cola Africa based in London and Group Executive Corporate Affairs for the MTN Group Ltd. She also formerly served as a non-executive director for Aurecon, Sentech, MTN Nigeria, the SABC, and Transnet. She was the founding Executive Director of Democracy & Governance at the HSRC and Public Service Commissioner in President Mandela’s government.


Yvonne completed her D.Phil. degree in Sociology and Politics at Oxford University (UK) and holds a MA from Northwestern University (USA) as well as a BA and a BA (Hons) cum laude from the University of the Western Cape in South Africa. She previously held the position of Associate Professor in Sociology at the University of Natal, Durban.


She is widely published and has written and edited several books, articles and international conference papers. She completed ‘Leadership in Financial Organizations’ at Harvard Business School. She has also completed executive management courses at the Wits Business School, and the ‘Senior Executive Leadership’ programs of Coca-Cola in Atlanta, as well as MTN.


Yvonne serves as the Chair of the Social & Ethics Committee and is a member of the Audit & Risk Committee.

David Redfern (57)

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Qualification:

Appointment:

Non-executive
BSc (Hons), CA
February 2015

David was appointed Chief Strategy Officer of GlaxoSmithKline Plc (“GSK”) in May 2008 and is responsible for corporate development and strategic planning. He has, in this role, assisted GSK in numerous bolt-on acquisitions, disposals and joint ventures, including the creation of the world-leading Consumer Healthcare company through the combination of GSK, consumer healthcare business firstly with Novartis’s business and subsequently in 2019 with Pfizer’s business. He is a member of GSK’s Corporate Executive Team and reports to the CEO. Prior to holding this position, he was responsible for the leadership of GSK’s business in Northern Europe from 2005 to 2008 and Central and Eastern Europe from 2002 to 2005. He joined Glaxo in 1994 in finance and progressed through a series of finance roles before becoming Finance Director of the European business in 1999.

 

In addition to his current role, David is Chairman of ViiV Healthcare Limited. ViiV is a joint venture between GSK, Pfizer and Shionogi and focuses specifically on the research and development and global commercialisation of medicines to treat HIV.

Stephen Saad (59)

Classification:

Qualification:

Appointment:

Group Chief Executive
CA(SA), PhD (Commerce) Honoris Causa
January 1999

Stephen is a founding shareholder of the Aspen Group and his responsibilities include strategic positioning and global transactions, geographic expansion and product diversification of Aspen in developed and emerging markets as a leading multinational pharmaceutical company.

Sean Capazorio (57)

Classification:

Qualification:

Appointment:

Group Chief Financial Officer
CA(SA)
January 1999

Sean is responsible for all of the Group’s finance functions across Aspen’s 60 businesses. He also assesses business performance and identifies business improvement opportunities.

Gus Attridge (61)

Classification:

Qualification:

Appointment:

Group Chief Advisor
CA(SA)
January 1999

Gus is a founding shareholder of Aspen and is responsible for the strategic and financial well-being of the Group while also identifying and pursuing appropriate corporate opportunities and global transactions that will further benefit Aspen and our stakeholders.

Reginald Haman (47)

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Qualification:

Appointment:

Group Chief Corporate Services Officer
MBA, PGDBA, Graduate Diploma in Company Direction
May 2020

Reginald is responsible for managing Aspen’s cluster of Group Corporate Services functions. He also ensures the provision of efficient and effective services to the Group in accordance with business and legislative requirements. Reginald was appointed as a member of the Social & Ethics Committee on 1 September 2020.

Lorraine Hill (58)

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Qualification:

Appointment:

Group Chief Operations Officer and Responsible Pharmacist
BPharm
January 1999

Lorraine is responsible for multiple operational areas of the business, including strategic manufacturing, pharmaceutical affairs, new product development and strategic procurement. In addition, she plays an integral role in negotiation and implementation of new business initiatives for the Manufacturing business, which she also represents in global transactions.

Samer Kassem (46)

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Qualification:

Appointment:

Chief Executive Officer, Aspen Global Incorporated
CMA, CFM, CBM, MBA
May 2008

Samer joined the Group with the responsibility of establishing the company to lead and direct its international operations. He has been integrally involved in the negotiation, completion and integration of strategic acquisitions, the setting up of the Group’s global businesses as well as the trading and supply structures to support these.

Zizipho Mmango (36)

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Qualification:

Appointment:

Group Chief Strategic Development Officer
CA(SA), CFA, LLB
May 2020

Zizipho is responsible for focusing on assessing and implementing strategic development activities for the Group such as acquisitions, disposals and business development collaborations. She also plays an active role in advancing business performance and value enhancement opportunities.

Stavros Nicolaou (56)

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Qualification:

Appointment:

Senior Executive Strategic Trade
B.Pharm, FPS (SA), PhD (Medicine) Honoris Causa
January 1999

Stavros plays a pivotal role in the initiation of business development opportunities and is also key to the building and maintenance of strategic relations within industry and with all of Aspen’s stakeholders.

Carnie van der Linde (53)

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Qualification:

Appointment:

Senior Group Executive: Commercial (International Regions)
Bachelor of Dental Science (BDS)
October 2022

Carnie is responsible for the development and implementation of strategy and the performance delivery of the Aspen Commercial Pharmaceutical business in Brazil, LATAM, USA, Canada, Europe, Russia-CIS, MENAT and SSA.

Trevor Ziman (50)

Classification:

Qualification:

Appointment:

Regional Chief Executive Officer, Asia Pacific
CA(SA)
May 2001

Trevor is responsible for the implementation of strategy and the performance delivery of Aspen’s Commercial Pharmaceutical businesses in Australasia, the Philippines, Taiwan, Malaysia and Hong Kong as well as trade into the rest of the Asia Pacific region. He plays a leading role in all transactional activity in the region.

Our History

1850
1858
1884
1898
1899
1911
1930
1957
1967
1975
1996
1997
1998
1999
2001
2002
2002
2003
2004
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2018
2020
2021
The Start
Sir George Grey served as a Governor of the Cape of Good Hope. His nephew, Berry Grey Lennon was a chemist in Ireland. On suggestion of his uncle, Berry Grey Lennon settled in the Cape. In 1850, shortly after arriving, Berry Grey Lennon opened a chemist and druggist in Port Elizabeth. That was the beginning of Lennon Ltd.
Lennon establishes himself
By 1858 the local press were featuring advertisements detailing the Lennon products, which had just arrived by ship and were available in pharmacies.
Advertisement in the first South African Medical Journal
The first issue of the publication carried a Lennon advert on the cover.
Lennon Limited is born
By 1898, due to the tremendous expansion of the organisation, the business of Lennon Ltd was established as a public company. Today this is the Aspen Pharmacare trading company in South Africa, and still carries the 1898 registration number.
First annual report
The first annual report noted a satisfactory performance despite the turndown in trade given the disturbed state of the country at that time.
Lennon is widely established
By 1911, Lennon Ltd had 21 pharmacies across South Africa.
Lennon – largest in the southern hemisphere
In 1930 Lennon Ltd was the largest pharmaceutical company in the Southern Hemisphere, with capital of £600 000, properties worth £350 000 and total assets exceeding £1 million.
30 June 1957 financials
During the 1950s and 1960s Lennon Ltd was one of a number of South African pharmaceutical companies that amalgamated in an effort to consolidate the pharmaceutical industry. A period of judicial management of this amalgamated entity during the 1960s reflects the challenges encountered by the industry.
The Lennon factory in Port Elizabeth
View from the North End Lake, showing the Welfare Block in the foreground. The factory at this time covered 250 000 sq ft. This remains the site of Aspen’s flagship Port Elizabeth manufacturing site today.
Lennon – a generic front runner
The Medicines and Related Substances Act of 1965 prompted most multinational companies to use the local patent laws to protect their investment in clinical research and equally provided for the birth of the generic industry, which focused on providing equivalent products on expiry of these patents. Lennon Ltd capitalised on this, starting the Research and Development Department in 1975, to develop and register generic products.
SA Druggists
In 1968 the South African Druggists group, including Lennon Ltd, was listed on the Johannesburg Stock Exchange and, after a number of shareholding changes during the late 1970s, a company by the name of Federale Volksbeleggings was itself later acquired by the Malbak conglomerate in the late 1980s. Upon Malbak’s unbundling in 1996, South African Druggists was relisted.
Humble beginnings
Stephen Saad and Gus Attridge were two of the four founding members of Aspen. In 1997, Aspen Healthcare (Pty) Ltd began trading from this converted house in Greyville, Durban.
JSE listing
Aspen was listed on the JSE through reverse listing into Medhold Ltd. Pictured L-R: Executive Directors - Stephen Saad, Steve Sturlese and Gus Attridge.
SA Druggists acquired
Aspen acquired South African Druggists, the oldest pharmaceutical business in South Africa, by means of a hostile take-over for R2.4 billion.
Aspen Australia opens
Aspen Australia Former President Nelson Mandela officiated at the opening of a clinic constructed for the disadvantaged citizens in his home town of Engcobo, South Africa, the first of many community clinics established under Aspen’s socio-economic development programme. Stephen Saad with Former President Nelson Mandela at the opening of the Engcobo clinic.
Aspen’s new corporate identity
Aspen’s new corporate identity was launched symbolising energy, innovation and nurturing.
CEPPWAWU deal
Aspen concluded a broad-based black economic empowerment deal with CEPPWAWU Investments (Pty) Ltd, the investment arm of the trade union representing the majority of Aspen’s labour force in South Africa. Pictured L-R: Isaac Shongwe, CEPPWAWU Investments; Stephen Saad; Muzi Buthelezi, Executive Chairman of CEPPWAWU Investments; Gus Attridge and Shad Mapetla.
First generic ARV launched
Aspen Stavudine was launched – Africa’s first generic antiretroviral (ARV). Pictured: Stephen Saad and Alec Erwin, Minister of Trade and Industry at the launch of Aspen's first generic ARV.
PE facility construction
Aspen’s state-of-the-art, multi-million Rand oral solid dose Unit 1 facility went into production at the Port Elizabeth site.
Fine Chemicals
Aspen acquired Fine Chemicals in Cape Town, the only South African manufacturer of active pharmaceutical ingredients.
Infacare acquisition
Aspen acquired Infacare, the infant nutritional brand, from Dutch-based Royal Numico.
US FDA approval
Aspen’s Unit 1 facility in Port Elizabeth became the world’s first manufacturing facility to receive tentative US FDA approval for the production of certain generic ARVs. Pictured: Stephen Saad and Dr Grey Handley, Health Attaché, US Embassy, at the US FDA press conference.
Imithi transaction
Aspen extended its broad-based black economic empowerment ownership through an empowerment transaction with Imithi Investments (Pty) Ltd.
Aspen largest supplier of ARVs in Africa
Aspen was recognised as the largest supplier of ARVs in Africa. This was enabled through an agreement which secured the distribution rights for a number of important ARVs from Bristol-Myers Squibb, Roche and Tibotec as the Group extended its portfolio.
Manufacturing and capacity enhancements
Construction commenced on the Sterile Facility at the Port Elizabeth site.
Aspen enters Latin America
Aspen entered the Latin American market through an investment in businesses established in Brazil, Mexico and Venezuela.
AGI established
Aspen Global Incorporated was established in early 2008 in Grand Bay, Mauritius.
GSK product acquisition
Aspen acquired the intellectual property rights from GSK for four key global brands: Eltroxin, Imuran, Lanoxin and Zyloric.
Further GSK transactions
Aspen concluded a series of strategic transactions with GSK comprising the acquisition of the rights to distribute GSK’s pharmaceutical products in South Africa, the formation of The GSK Aspen Healthcare for Africare Collaboration in sub-Saharan Africa (SSA) to market and sell pharmaceuticals in SSA, the acquisition of eight specialist branded products for worldwide distribution and the acquisition of a manufacturing site in Bad Oldesloe, Germany.
Aspen expands its Australian presence
Aspen started its business in 2001 with two people. In 2011 Aspen acquired the largest Australian-owned pharmaceutical business, Sigma Pharmaceuticals Ltd, now Aspen Pharma (Pty) Ltd, for R5,9 billion.
Aspen embraces Mandela Day
Aspen joined the call of the Former South African President Nelson Mandela in support of an annual event to benefit disadvantaged communities. Aspen remains committed to this cause and has extended its Nelson Mandela International Day activities through its offices globally.
Aspen joins Social Compact
Aspen signalled its support of the Social Compact as a founder member of the Public Healthcare Enhancement Fund in South Africa, a public-private partnership with the South African Department of Health to enhance capacity and skills in the public healthcare sector.
Expansion of Aspen’s infant nutritional products
2013 heralded Aspen’s acquisition of rights to infant nutritional brands and related businesses from Nestlé in Australia, several Latin American territories and certain southern African territories, including South Africa. The combined approximate value of these transactions was R3.7 billion.
Branded products and API site acquired from MSD
Aspen acquired an API manufacturing business, primarily at Oss in the Netherlands (effective 1 October 2013), and a portfolio of 11 branded finished dose form molecules (effective 1 January 2014) from MSD. The combined effective value of the transactions was R8 billion.
Acquisition of anticoagulants from GSK
Aspen concluded two related transactions with GSK, valued at approximately R12 billion, to acquire the Arixtra and Fraxiparine/Fraxodi thrombolytic brands worldwide (excluding China, India and Pakistan) and a specialised sterile production site in Notre Dame de Bondeville, France which manufactures these brands.
Aspen goes global
Aspen expanded its global footprint, commencing activity in an additional 21 countries and taking the number of Aspen offices and sites around the world to more than 50.
New global headquarters complete
Renovation of new global headquarters in Durban, South Africa completed.
Exclusive Rights to anaesthetics
Acquired the exclisive rights to commercialise AstraZeneca's global anaesthetics portfolio in 100 countries worldwide, including China but excluding the USA
Acquired IP rights to anaesthetics
Acquired remaining rights to IP and manufacturing know-how related to AstraZeneca’s anaesthetics portfolio.
Aspen enters China IP rights to anaesthetics
Following the acquisition of the Anaesthetics portfolios from AstraZeneca and GSK and the Thrombosis brands from GSK, Aspen had established sufficient critical mass to make a substantive entry into China, the second largest and one of the world’s fastest-growing countries in pharmaceutical sales. Significant infrastructure investment was undertaken, with Aspen offices established in Beijing, Shanghai and Guangzhou. With a total headcount exceeding 600, this is the most significant sales force deployed by Aspen in any one country.
2018-2019
Commercial focus on specialised therapies; increased complex manufacturing capacities; leverage of geographic footprint; and portfolio expansion through development and acquisition.
Responding to the COVID-19 pandemic
As the COVID-19 pandemic rapidly spread worldwide, causing widespread illness and social and economic upheaval, Aspen’s business model and committed employees proved resilient. With proper business continuity measures in place, we continued to maintain all of our manufacturing sites in full production, allowing us to continue supplying our much-needed medicines to patients across the globe. The relevance of Aspen’s product portfolio was endorsed by the supply of critical life-saving Dexamethasone, Anaesthetic and Thrombosis treatments to COVID patients in dire need.
COVID-vaccines for Africa
Aspen commenced the fill, finish and packaging of Johnson & Johnson’s COVID vaccine at its manufacturing facility in Gqeberha, South Africa. Almost all of the production from this site was supplied for use on the African continent, an essential contribution in a geography desperately short of vaccine supply. In November, Aspen announced its relationship with Johnson & Johnson to produce and sell the COVID-19 vaccine in Africa under the Aspen brand name of “Aspenovax”, representing a significant step forward in achieving more equitable access to this preventative treatment on the continent.

Closed Period

Aspen is in a closed period from 1 January until the publication of our interim results on the JSE SENS platform scheduled to be released on 1 March 2023.

The live presentation will take place in Cape Town at 08h30 on 2 March 2023.