Fabupharm EOS acquisition final
Managing Director of Fabupharm, Fanie Badenhorst Snr said this week that the 35% acquisition deal of the medicine manufacturer and re-packager, by private equity fund, EOS Capital’s Allegrow Fund will be effective in November.
During September 2016, the Fabupharm group of companies announced that Eos Capital has acquired 35% of its ordinary share capital. Early October 2016 the Namibian Competition Commission gave its approval of the transaction, which means the deal between Fabupharm and EOS Capital will be effective as from 1 November 2016.
The Minister of Health and Social Services, Hon Dr. Bernard Haufiku, paid a courtesy visit to Fabupharm’s factory in Otjiwarongo last month.
“We are honoured by Dr. Haufiku’s visit to our factory. It shows the government’s commitment to support local manufacturers, but more so it demonstrates its concern for the health of all Namibians,”., said Badenhorst. The minister remarked that he is impressed by the capacity and quality standards maintained at the factory.
He was taken on a guided tour of the factory where the repacking and manufacturing processes of different medicines and other cosmetic products.
Fabupharm cooperates with the government through a Public Private Partnership (PPP) to meet the healthcare needs of Namibian citizens, said Badenhorst, adding “We can do so much more when it comes to Namibians’ health and we believe through collaborating with the government this is possible.” In September 2016 it was reported that the government is on track for establishing a new pharmaceutical plant and may need the input of a private entity to ensure quality assurance.
This shareholding deal will enable Fabupharm to become a major player in the Namibian and regional pharmaceutical markets. Fabupharm is in the process of obtaining export approval for several of its products to Botswana, Mozambique and Lesotho. Last week Fabupharm received confirmation that certain products have been registered in Mozambique. Registration of products in other countries is in progress.
Fabupharm manufactures a range of unscheduled medicines, supplements and lotions. These products are for sale to the public at local retailers and pharmacies. Many are also stocked by the Central Medical Stores which supply government hospitals and clinics with medical and pharmaceutical products.