Development Partners International (DPI), through its ADP III fund, CDC Group, the UK’s publicly owned impact investor, and the European Bank for Reconstruction and Development (EBRD) have joined forces to create a major new player in the pan-African pharmaceuticals industry.

The three founding investors have committed an initial $250 million of capital that have been used to fund the acquisition and combination of Adwia Pharmaceuticals, an Egyptian generic drugs manufacturer, and Ce...