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Investors pour $250 mln into new Africa pharmaceuticals company

Investors pour $250 mln into new Africa pharmaceuticals company

A group of three founding investors is pouring $250 million into a new company to acquire and create biopharmaceuticals businesses across Africa that will improve the continent's access to affordable drugs, they said on Tuesday. Africa's pharmaceuticals industry is tiny, and African governments' struggles to procure vital products during the coronavirus pandemic have exposed their dependence upon imported drugs and medical equipment. The group's initial investment funded the acquisition and combination of Egyptian generic drugs maker Adwia Pharmaceuticals and Celon Laboratories, an Indian oncology and critical care specialist. The company aims to use manufacturing and research facilities in India to…
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