IFC invests in pharmaceutical company Avacare
To increase access to high quality, affordable healthcare products and services across Africa, IFC announced a partnership with Avacare Global to help the company expand its manufacturing and distribution of various pharmaceutical and healthcare consumable products, including generic drugs in Africa.
Under the partnership, announced on the sidelines of the Africa CEO Forum, IFC will provide Avacare with an $28.6 million equity investment to help the company expand its manufacturing base, both organically and through acquisitions, in East and Francophone Africa. The investment comes at a time when Africa must build and reinforce its production capabilities to address the increasing local demand for medicines and vaccines.
The financing will help Avacare strengthen its position in existing markets, including Botswana, Eswatini, Kenya, Lesotho, Namibia, Zambia, Ethiopia and Zimbabwe, and venture into new markets. IFC’s partnership with Avacare, a pan-African pharmaceutical distributor and manufacturer playing a critical role in providing access to affordable and innovative treatments to underserved populations in Africa, will boost the availability of high quality and affordable medical products to help meet the urgent need for these items, especially in the wake of Covid-19.
”This investment is a significant and important milestone in the history of Avacare Health. We are honored that the IFC selected Avacare as a partner not only because this investment will allow us to further expand our footprint on the African continent, but also because IFC is fully aligned with the Avacare purpose to make a sustainable difference in the lives of people on the African continent, through innovative, quality, affordable, holistic healthcare products, services and solutions,” said Dr. Vikram Naik, founder and executive chairman of Avacare Global.
Are you seeking private equity or venture capital investment to grow your company? Africa Private Equity News now offers you the opportunity to connect with investors backing African businesses. Contact us at editor@africaprivateequitynews.com for our rate card and more information.