Aspen sale sets hearts racing
Aspen Pharmacare shareholders showed their relief at the group's decision to pay down its hefty debt of R38 billion, and sell its Thrombosis Business in Europe. News of the sale to US drug maker Mylon injected more than 8% into the share price, pushing it above levels not seen this year. The sale also signalled Aspen's intention to home in on the developing world and corner the emerging market for its anti-blood clot medicines. – Derek Alberts
By Derek Alberts
Shareholders have welcomed drugmaker Aspen Pharmacare's decision to sell down R640 million euros (about R12.7 billion) of debt by dispensing with its Thrombosis Business in Europe. News of the deal (Sept 8) to sell the European rights to American pharmaceutical company Mylan lifted Aspen's share price by more than 8% above the R145.00 mark.
Much to the relief of shareholders, the proceeds from the deal will cut away at Aspen's almost R40 billion debt.
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