ASCENDIS Health will sell its 49 percent stake in Farmalider to MMC International Health Holding for EUR4.98 million (about R84.1m) as part of its plan to recapitalise the local group, a statement said on Friday.
The Farmalider interest was to have been part of a group of disposals, but creditors had instead consented to the separate disposal of the company.
Farmalider is a Spanish pharmaceutical company that develops, licenses and supplies mainly generic and over-the-counter products to a range of multinational companies.
Farmalider typically out-licenses and supplies differentiated products either from their own factory or from within their network of suppliers.
It owns more than 150 products and holds marketing authorisations in several countries, with the core of its operations in Europe. Ascendis Health had acquired its interest in 2015.
Farmalider’s products target mainly pain relief with combinations of paracetamol, ibuprofen and tramadol. It also competes in other therapeutic areas such as cardiovascular, antibiotics, osteoporosis, antivirals and antidepressants.
Asendis’s board said in the statement they would use the proceeds to reduce debt.
As part of the disposal, Ascendis Pharma will gain indefinite and exclusive access to Farmalider’s portfolio of products for 14 Southern African Development Community countries, including South Africa, and 11 other African countries.
Ascendis’s share price was down 1.64 percent to 60 cents on the JSE on Friday.
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