South African pharma tycoon Stephen Saad gains $37.1 million from Aspen shares

South African billionaire and pharma tycoon Stephen Saad’s stake in Aspen Pharmacare Holdings, Africa’s largest drug manufacturer, has risen in value by more than $37 million since the start of the year, as renewed buying interest on the Johannesburg Stock Exchange continues to push the market value of publicly traded firms to record levels.

According to data tracked by Billionaires.Africa, Saad, one of South Africa’s richest businessmen, has seen the market value of his equity stake in Aspen Pharmacare Holdings rise by R637.9 million ($37.1 million).

Aspen, a global specialty and branded pharmaceutical industry leader, has a strong presence in the pharmaceutical sector spanning more than two decades, improving the health of patients in over 115 countries.

The company, founded by Saad in 1997, is headquartered in Durban, South Africa, and continues to thrive under his leadership, as he owns 12.5 percent of the company, equivalent to 57,151,972 ordinary shares.

The company’s share price on the Johannesburg Stock Exchange has increased by 8.2 percent since the beginning of the year, from R136.33 ($7.93) on Jan. 1 to R147.49 ($8.58) at the time of writing this report.

Its stock price has been on the rise on the local exchange since Dec. 13, when it received $30 million in funding from the Gates Foundation and the Coalition for Epidemic Preparedness Innovations (CEPI).

The $30-million grant, which is in line with plans to make vaccines more affordable in Africa, followed a series of discussions with the CEPI and the Gates Foundation, a nonprofit organization founded by Bill Gates and his ex-wife Melinda French Gates.

As a result of the single-digit 8.2-percent rise in the company’s share price, which has resulted in an overall increase in its market capitalization, Saad has seen the market value of his 12.5-percent stake increase by R637.9 million ($37.1 million), from R7.79 billion ($453.53 million) on Jan. 1 to R8.43 billion ($490.7 million) at the time of drafting this report. This solidifies his position as one of South Africa’s wealthiest men.