Home » South African tycoon Mohammed Akoojee’s Imperial Logistics acquires stake in Ascendis Pharma

South African tycoon Mohammed Akoojee’s Imperial Logistics acquires stake in Ascendis Pharma

by Omokolade Ajayi

Imperial Logistics, an Africa-focused provider of logistics and market access solutions led by South African businessman Mohammed Akoojee, has acquired Ascendis SA Holdings Proprietary (Ascendis Pharma), a subsidiary of the Johannesburg Stock Exchange-listed Ascendis Health Limited (Ascendis Health), with Pharma-Q Holdings Proprietary Limited (Pharma-Q).

The transaction represents another milestone for Imperial’s healthcare business following its recent alliance with UbiPharm, representing one of the most expansive networks for healthcare distribution on the continent.

According to a press release issued by the logistics services provider, the acquisition, which is still subject to regulatory approval, will give Imperial a 49-percent stake in Ascendis Pharma, with Pharma-Q acquiring the remaining 51 percent.

According to experts, the transaction represents a strategic move by the company to expand its healthcare footprint in South Africa as it seeks to cement its market leadership position in the country.

Ascendis Pharma is a marketer and distributor of both prescription and over-the-counter medicine in the South African pharmaceutical industry, primarily in the private and public sectors.

According to Akoojee, Imperial group CEO, the acquisition will help the group’s healthcare business in South Africa grow by allowing it to drive scale in generic pharmaceuticals and build a complementary basket of OTC products in line with the company’s ambition to become a leading healthcare player in the country.

“Imperial is excited about this strategic acquisition because it allows us to optimize and expand our healthcare reach in South Africa, as well as potential expansion opportunities in the rest of Africa,” Johan Truter, CEO of Imperial’s Market Access business, said.

The latest move comes nearly a week after Imperial announced a strategic partnership with UbiPharm, a leading player in the African healthcare industry, to create one of the continent’s most extensive healthcare distribution networks.

Akoojee recently hinted at one of the target sectors for acquisition in 2022, underscoring that it is ready to improve access to medicine, vaccines and other healthcare products for patients and consumers in 40 African countries to improve operations and create value for shareholders.

As of press time on Feb. 3, Imperial shares were trading at R64.59 ($4.22), 3.1 basis points lower than their opening price on the Johannesburg bourse this morning.

Imperial’s current market capitalization is 13.09 billion dollars ($852 million), while Akoojee’s 0.19-percent stake is worth R24.8 million dollars ($1.61 million).

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