Africa’s largest drugmaker Aspen Phamacare has agreed to sell its European thrombosis business to US group Mylan for €641.9m .
The proceeds of the sale of business, which focuses on anticoagulant drugs, will be used to pay down debt, Aspen said.Aspen had R33.4bn in net debt at the end of December, and said in March that it was reviewing its businesses in Europe. Aspen said on Tuesday the sale of the European thrombosis business supports its strategy of continuing to reshape the group towards a greater concentration of revenue in emerging markets.
In morning trade on Tuesday, Aspen’s share had jumped 8.91% to R146, putting it on track for its best one-day performance in about two weeks. The group’s share has risen 22.5% so far in 2020, giving the group a market capitalisation of R66.6bn on Tuesday morning.