Table of Contents
Key Points
- The Public Investment Corporation (PIC) raises its stake in Aspen Pharmacare from 18.6% to 20.157%, investing R1.17 billion ($67.3 million)
- PIC’s move underscores confidence in Aspen’s pharmaceutical growth amid evolving global healthcare demands.
- As Africa's largest asset manager, PIC’s investment reflects a strategic focus on the pharmaceutical sector, enhancing growth potential and sustainability.
Africa’s largest asset manager, the Public Investment Corporation (PIC), has increased its stake in Aspen Pharmacare, the continent’s biggest pharmaceutical company, with an additional investment of more than $67 million. The move strengthens PIC’s position as a key shareholder in the company led by South African pharma tycoon Stephen Saad.
A regulatory filing on Feb. 12 revealed that PIC acquired an extra 1.557 percent stake in Aspen, valued at R1.17 billion ($67.3 million). This raises its total stake from 18.6 percent to 20.157 percent. With this latest transaction, PIC’s stake in Aspen is now worth nearly a billion dollars—R15.2 billion ($824.24 million)—cementing its influence in the pharmaceutical giant.
Aspen strengthens leadership in healthcare
Aspen Pharmacare has been expanding its operations and manufacturing capacity, strengthening its role as a leader in vaccine production and essential medicine supply across Africa. The company’s financial performance remains strong, with a 10 percent revenue increase in its 2024 fiscal year to R44.7 billion ($2.42 billion).
Growth was driven by a 25 percent rise in manufacturing revenue and a 4 percent increase in its commercial pharmaceuticals division. This steady expansion likely reinforced PIC’s confidence in Aspen’s long-term value and strategic importance in Africa’s healthcare sector.
Aspen gains confidence with PIC’s move
Founded in 1997 by Saad and listed on the Johannesburg Stock Exchange, Aspen has played a crucial role in advancing Africa’s pharmaceutical self-sufficiency. It has expanded its global footprint, supplying healthcare solutions to patients in over 115 countries. Saad, who serves as CEO, holds a 12.8 percent stake in the company, equivalent to 57,221,750 ordinary shares.
PIC’s increased investment—backed by the firm’s management of R3 trillion ($173.27 billion) in assets—underscores Aspen’s financial stability and long-term growth potential. It also signals confidence in the pharmaceutical industry’s role in driving economic expansion and strengthening healthcare systems across the continent.
