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EBRD, partners create $250M pharma platform in Egypt

EBRD, partners create $250M pharma platform in Egypt

ArabFinance: The European Bank for Reconstruction and Development (EBRD) and other partners rolled out a new pharma investment platform with an initial capital commitment of $250 million (EGP 3.9 billion), according to a press release.

The EBRD is joining forces with the UK’s Commonwealth Development Corporation (CDC) Group and Africa-focused Development Partners International (DPI) to improve the availability and affordability of medicines through the new entity.

The international bank will contribute $75 million (EGP 1.2 billion) to the consortium, while the CDC Group and DPI will invest $100 million (EGP 1.6 billion) and $75 million (EGP 1.2 billion), respectively.

The platform initially acquired Egypt's Adwia Pharmaceuticals and Celon Laboratories, the statement highlighted.

The investment entity reportedly bought 99.6% Adwia last week in a $126 million (EGP 2 billion) transaction.

EBRD said, "The founding shareholders plan to increase their impact by further expanding the investment platform’s activities."

Since 2012, the EBRD invested over EUR 7 billion (EGP 129 billion) in 125 projects in the country.

 

*At press time, the conversion rate is $1 = EGP 15.65 and EUR 1 = EGP 18.52

 
 

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