South Africa’s Aspen sells part of local unit to Endo for $134 mln

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JOHANNESBURG Africa’s biggest drugmaker Aspen Pharmacare said on it will sell a part of its local business to a unit of Endo International Plc for 1.6 rand ($134 million).

Aspen said in a statement that sale is part of its strategy to focus on areas of growth. generic drug maker’s revenue is increasingly coming from outside its home market. Aspen operates in than 150 countries across world.

Litha Pharma, Endo’s African unit, will gain a portfolio of established brands and injectable medicines, Aspen said.

In Africa’s highly regulated pharmaceutical market, have been under as of nearly 25 percent, fuel cost increases and steep electricity price hikes have gnawed away at disposal income.

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Aspen’s home market contributed less than a quarter of its 31.4 rand revenue in 2014, down from than a third in 2013.

unit Aspen is selling contributed 362 million rand to its revenue of 7.45 rand for year ended June 2014.

The transaction is dependent on approval by South Africa’s competition authorities.

($1 = 11.9800 rand)