EBRD co-invests in pharmaceutical business
The European Bank for Reconstruction and Development (EBRD) has approved an equity investment of up to $75 million for the acquisition of Egyptian generic-drug maker Adwia Pharmaceuticals.
EBRD has partnered with a group of co-investors – CDC, a development finance institution funded by the UK government, and ADP III, a private equity fund advised by Development Partners International (DPI) – to create a new company, Zanzibar Pharma, with the aim of acquiring generic manufacturers with a particular focus on North Africa including Egypt.
The investment will support the Zanzibar’s objective to become a strong player in pharma generics in Egypt. In addition to the acquisition of Adwia, the company, with funding support of the co-investors, will acquire Celon, an Indian oncology and critical-care product specialist. Adwia will benefit from Celon’s strong know-how in drug development, including for chronic and life-threatening health conditions.
Reach Africa’s private equity community by publishing a Showcase Article, Job Opportunity or Event on Africa Private Equity News. Contact us at editor@africaprivateequitynews.com for our rate card and more information.