The European Bank for Reconstruction and Development (EBRD) is joining forces with reputable partners to improve the availability and affordability of medicines, using an investment platform with an initial capital commitment of $250 mln, as it was informed in the press release.
The EBRD is supporting the platform’s growth in Egypt, alongside Development Partners International (DPI), a pan-African private equity firm, and CDC Group, a development finance institution funded by the UK government.
As a first step for the investment platform the partners have acquired Adwia Pharmaceuticals, an Egyptian manufacturer of generic drugs, and Celon Laboratories, an Indian oncology and critical-care product specialist. Adwia will benefit from Celon’s know-how in drug development, including for chronic and life-threatening health conditions.
This investment will also help Adwia Pharmaceuticals to expand and modernise its manufacturing assets, introduce products with higher added value and improve its health and safety standards, product quality and governance in Egypt.
The founding shareholders plan to increase their impact by further expanding the investment platform’s activities.
Egypt is a founding member of the EBRD. Since the start of the Bank’s operations there in 2012, the EBRD has invested over €7 billion in 125 projects in the country.
The European Bank for Reconstruction and Development (EBRD) was established in 1991 by 40 countries and two international organizations to support market economies and democracy in 34 countries, from Central Europe to Central Asia. As an international organization, the EBRD enjoys a number of privileges, such as the legal immunity of its employees.
Like the IBRD, the EBRD attracts funds through the issuance of bonds. A feature of the EBRD's operations is the widespread attraction of funds in the national currencies of Eastern European countries, including the Russian ruble.
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