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Wednesday, 18 November 2020

EBRD, DPI, CDC to raise additional USD 500 mn for future Africa investments of new pharma platform

INVESTMENT WATCH- EBRD, CDC, DPI consortium to raise additional USD 500 mn for pan-African investments: The European Bank for Reconstruction and Development (EBRD), CDC Group, and Development Partners International (DPI) will raise an additional USD 500 mn to invest in the pharma industry across Africa through their new shared investment platform, according to a joint press release. The funds will go towards the acquisition of African pharma businesses, the development of new meds, and the establishment of new distribution channels. DPI partner Sofiane Lahmar said the platform “will deliver substantial, tangible impact by increasing the availability and affordability of quality [meds] and by developing local production and reducing reliance on imported drugs across Africa.”

Background: The investors said this week they would initially commit USD 250 mn to the fund, which launched with the acquisition of nearly 100% of Adwia pharma in a USD 126 mn transaction last week, as well as Indian oncology specialist Celon Laboratories.

Legal advisors on the transactions were Freshfields Bruckhaus Deringer (International Counsel), Matouk Bassiouny & Hennawy (Egypt), and Shardul Amarchand Mangaldas & Co (India).

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