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White & Case advises IFC, DEG, Proparco and DFC on funding of €600 million for African COVID-19 Vaccine Manufacturer

Global law firm White & Case LLP has advised the International Finance Corporation (IFC), French Development Agency subsidiary Proparco, DEG, the German Development Finance Institution, and the U.S. International Development Finance Corporation (DFC) on an aggregate of €600 million in loans to be advanced to Aspen Finance Proprietary Limited, a member of the global pharmaceutical group, Aspen Pharmacare. 

"The strategic value of the deal for our clients and for Africa cannot be overstated," said White & Case partner Gareth Hodder, who led the Firm's deal team. "Given these challenging and unprecedented circumstances, coupled with the global shortage of COVID-19 vaccines, particularly in Africa, this transaction presents a unique opportunity for an African-based pharmaceutical company to contribute in the fight against the COVID-19 pandemic."

The ongoing transaction will be the largest healthcare investment and mobilization IFC has led globally to date. The loans will be used for the refinancing of the development of the sterile injectables at Gqeberha (formerly known as Port Elizabeth) in South Africa and the acquisition of Aspen Pharmacare's anesthetics emerging markets portfolio.

The White & Case team which advised on the transaction included partner Gareth Hodder, local partners Jen Stolp, Lulama Selele, Lerato Nkanza and Preeti Nana (all Johannesburg), partners Brendan Quinn (Melbourne) and Martin Menski (Washington, DC) and counsel Suzanne Perry (Washington, DC) with support from associates Andrea McKaiser-Walbrugh, Sandile Mathebula and Megan Wilson (all Johannesburg) and Paul Marshall and Dion English (both Melbourne).

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