Aspen Pharmacare has agreed to sell the rights to its European thrombosis business to US pharmaceutical company Mylan for almost €642m (R12.82bn), reports Business Report. “The transaction supports Aspen’s strategy of continuing to reshape the group towards a greater concentration of revenue in emerging markets,” Aspen said.
The company said it would retain the thrombosis business almost exclusively in emerging markets. The sale will also allow Aspen to streamline its business in Europe, strengthen its balance sheet and provide “financial headroom” for future investments, the company said. Proceeds from the deal will be used to reduce the group’s debt, Aspen said, adding Mylan would pay €263.2m on completion of the deal and the balance in June 2021.
Business Report says as part of the deal, Mylan will acquire the commercialisation rights and related intellectual property of the business, product registrations and marketing authorisations, plus the cost of the related inventory.
Aspen and Mylan will also enter into a manufacturing and supply agreement where Aspen will supply thrombosis products, which prevent blood clots, sold under the brand names Arixtra, Fraxiparine, Mono-Embolex and Orgaran in Europe.
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