South African multimillionaire executive Michael Guy Attridge (Gus Attridge) has witnessed a year-to-date gain of more than $55 million from his stake in Aspen Pharmacare as shares in the leading pharmaceutical company surged by double-digit percent, fueled by robust buying interest from local investors.
Data tracked by Billionaires.Africa reveals that the market value of Attridge’s stake in the Durban-based pharmaceutical company has surged by $55.20 million since the start of the year, riding the continued upward trend of the company’s shares.
Aspen Pharmacare Holdings is a South African multinational pharmaceutical holding company co-founded by leading pharma tycoons Stephen Saad and Gus Attridge 25 years ago.
Attridge, Aspen’s group chief advisor who ranks as one of South Africa’s richest businessmen, owns a 4.26-percent stake in the pharmaceutical holding company, which amounts to 19,024,134 ordinary shares in the leading drug group.
Since the start of the year, the share price of Aspen Pharmacare on the Johannesburg Stock Exchange has experienced a remarkable surge of 39.40 percent, soaring from R136.33 ($7.327) on Jan. 1 to R190.05 ($10.216) on Aug. 3.
The recent surge in Aspen pharma’s shares has resulted in the market value of Attridge’s stake in the company skyrocketing by R3.62 billion ($195.27 million), further strengthening his position as one of the richest investors on the Johannesburg Stock Exchange equity market.
With an impressive year-to-date bump of R1.02 billion ($55.20 million), Attridge’s stake in Aspen Holdings has surged from R2.59 billion ($140.08 million) at the beginning of the year to an astounding R3.62 billion ($195.27 million) as of the time of reporting.
This impressive gain underscores the resounding success of Aspen Pharmacare Holdings and reflects the positive sentiment surrounding the company’s performance in the market as it looks to purchase a portfolio of drug products from the American-based global pharmaceutical company Viatris in a deal valued at $280 million.
The portfolio included in the deal encompasses several products, such as Lipitor, Viagra, Lyrica, Zoloft, Norvasc, and Celebrex, along with their intellectual property rights, product registrations, marketing authorizations, and related inventory. These products collectively generated approximately $92 million in sales in 2022.