Aspen said in a statement that the sale is part of its strategy to focus on areas of growth. The generic drug maker’s revenue is increasingly coming from outside its home market. Aspen operates in more than 150 countries across the world.
Litha Pharma, Endo’s South African unit, will gain a portfolio of established brands and injectable medicines, Aspen said.
In South Africa’s highly regulated pharmaceutical market, consumers have been under pressure as unemployment of nearly 25 percent, fuel cost increases and steep electricity price hikes have gnawed away at disposal income.
The transaction is dependent on approval by South Africa’s competition authorities.
($1 = 11.9800 rand)