Global law firm White & Case LLP has advised the European Bank for Reconstruction and Development (EBRD) as a founding investor on the creation of a US$750 million biopharmaceutical platform to broaden access to vital specialty generic drugs in Egypt with the potential to expand into other countries in Africa.
"Advising the EBRD on this groundbreaking and strategically important transaction further demonstrates our strength in high complexity cross-border acquisitions and equity investments, including those for international financial institutions such as EBRD where we understand and help protect the integrity of their mandate and policy requirements," said White & Case partner Guy Potel, who led the Firm's deal team.
This first of its kind pharmaceutical platform will generate significant cost savings for healthcare providers in Egypt. The platform also has ambitions to broaden the range of therapeutics available in other underserved markets in Africa.
The platform has raised an initial US$250 million from its founding investors – EBRD, CDC Group and Development Partners International – that has been used to fund the acquisition and combination of Adwia Pharmaceuticals, an Egyptian generic drugs manufacturer, and Celon Laboratories Pvt, an Indian oncology and critical care specialist. It will leverage its manufacturing and R&D centre of excellence in India to strengthen its local manufacturing operations in Egypt, while capturing synergies from centralized supply chain management and business development. EBRD's investment was targeted to support the acquisition of Adwia in Egypt.
EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 countries across three continents. It is owned by 69 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated. To date, EBRD has invested more than €7 billion in 125 projects in Egypt. Areas of investment include the financial sector, agribusiness, manufacturing and services, as well as infrastructure projects such as power, municipal water and wastewater services, and support for transport services.
The White & Case team in London which advised on the transaction was led by partner Guy Potel and included partners Will Smith, Matthew Griffin and Marc Israel and associates Mark Richardson and Richard Wilson.
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