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(Ecofin Agency) – Less than a month after its strategic deal with UbiPharm, Imperial announced a new proposal to acquire a minority stake in a pharmaceutical company.
JSE-listed Imperial Logistics made an undisclosed offer to acquire a 49% minority stake in Ascendis Pharma. In its takeover proposal disclosed on February 2, the logistics group said the remaining 5% stake in Ascendis Pharma would be acquired by Pharma-Q.
“This acquisition will contribute to growing our healthcare business in South Africa by enabling us to drive scale in generic pharmaceuticals and build a complementary basket of OTC products, both of which bode well for our aspirations of becoming a leading healthcare player in the country,” says Mohammed Akoojee (pictured), Group CEO at Imperial.
The offer comes less than a month after the logistics group struck a deal with UbiPharm, a major healthcare player in Africa. The partnership announced in late January 2022 was aimed at expanding Imperial Logistics’ geographic footprint into other market segments.
Ascendis Pharma’s acquisition is subject to approval by the shareholders of Ascendis Health, the parent company, and other regulatory approvals. When finalized, it will allow Imperial Logistics to expand its healthcare reach in South Africa and the rest of the continent.
Ascendis Pharma, the company being acquired, operates mainly in the South African pharmaceutical industry, marketing and distributing drugs. The health market in South Africa is booming with the strengthening of care and equipment.
Chamberline Moko
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