Development Partners International (DPI), ADP III Fund, CDC Group, and the European Bank for Reconstruction and Development (EBRD) have created a pan-African biopharmaceutical platform.
Development Dairies understands that the platform, according to the partners, will execute a buy-and-build strategy to improve the availability and affordability of essential pharmaceuticals across Africa.
It was gathered that the platform has received an initial $250m in capital from its founding investors and plans to raise up to an additional $500m.
The initial capital has been used to fund the acquisition and combination of Adwia Pharmaceuticals, an Egyptian generic drugs manufacturer, and Celon Laboratories, Indian oncology, and critical care specialist.
‘The African pharmaceutical industry remains chronically underdeveloped, with over 80 percent of prescription and over-the-counter drugs imported from outside of Africa’, Director and Head of Manufacturing at CDC, Abhinav Sinha, said.
‘This platform is being built from the ground up to specifically address the challenges facing African healthcare providers and improving health security.
‘It will make a significant impact by providing affordable vital life-saving treatments and increasing the range and quality of products available while aiming to reduce the incidences of counterfeit products in the market’.
The platform, it was further gathered, will improve the delivery of essential and affordable specialty generic pharmaceuticals across the African continent.
Chief Executive Officer of the Platform, Hocine Sidi-Said, noted that the creation of the biopharmaceutical platform would fundamentally change the way specialty medicines were made available across Africa.
He said, ‘It will also look to invest in broad-based and high-growth specialty generics assets across Africa, in high-demand areas such as oncology, autoimmune diseases, diabetes, respiratory issues, and critical care.
‘I am pleased that our vision has attracted and will continue to attract strong investor interest.
‘We look forward to working with our three founding investors and with future investors to successfully fulfil our promise of affordable specialty products in jurisdictions historically deprived of access to such medications’.
A partner at DPI, Sofiane Lahmar, said, ‘We are thrilled to have brought together the consortium of DPI, CDC, and EBRD, with the leadership of Hocine, Alhadi, and their team, to achieve that vision.
‘By creating this unique platform, we will deliver substantial, tangible impact by increasing the availability and affordability of quality drugs and by developing local production and reducing reliance on imported drugs across Africa.
‘The platform will also offer a defensive, differentiated, and attractive opportunity for investors driven by the continued strong growth of the African generic pharma industry and its defensive and resilient nature demonstrated during the global Covid-19 crisis’.
Photo source: DPI