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In 1993, Stephen Saad ignited his journey in the pharmaceutical industry with a strategic move – selling Covan Zurich shares to industry powerhouse Adcock Ingram. This bold step laid the foundation for Aspen Pharmacare, now Africa’s largest pharmaceutical company.
Since its inception in 1997, Aspen Pharmacare has grown exponentially under Saad’s leadership, boasting a market capitalization of R75.3 billion ($4.12 billion) and a global reputation as a leader in the manufacturing and distribution of generic medicines. Saad’s personal net worth, reaching $1.2 billion in 2018, further underscores his significant impact on the industry and solidifies his position as a titan of South African business.
Teaming up with Gus Attridge in 1999, Saad expanded Aspen Pharmacare’s reach by acquiring local pharmacies, transforming the company from its Durban roots into a thriving international entity.
The legacy of Aspen Pharmacare under the leadership of Saad is marked by pioneering milestones, including the development of Africa’s first generic antiretroviral HIV drug in 2003 and entry into the infant formula market, all underlining Saad’s unwavering commitment to innovation and excellence.
His noteworthy 12.5-percent ownership stake in Aspen Pharmacare, valued at $553.3 million, symbolizes Saad’s pivotal role in the company’s ongoing success. As the co-founder and chief executive of Aspen Pharmacare, alongside Gus Attridge as deputy chief executive, Saad’s leadership continues to shape Africa’s pharmaceutical landscape.
Beyond Aspen Pharmacare, Saad’s influence extends to a diverse array of companies, each representing a facet of his entrepreneurial prowess.
Billionaires.Africa has identified and cataloged various companies and holdings linked to Saad.
Here are five companies where he holds substantial or minority stakes:
- Aspen Pharmacare Holdings
Aspen Pharmacare Holdings, headquartered in Durban, is a pharmaceutical giant and a cornerstone of Stephen Saad’s illustrious career. As a co-founder alongside Gus Attridge, Saad played a pivotal role in transforming the company into the largest pharmaceutical manufacturer in Africa and a global powerhouse for generic medicines. Established in 1997, Aspen Pharmacare has achieved remarkable milestones, such as developing Africa’s first generic antiretroviral HIV drug in 2003 and venturing into the infant formula market. With an ownership stake of 12.5 percent, valued at over $550 million, Aspen Pharmacare operates across 150 countries.
- Aspen OSS
Stephen Saad’s global influence extends through his role as the Group Chief Executive Officer of Aspen API, a collaborative force comprising Aspen Oss in the Netherlands and Fine Chemicals Corporation in South Africa. This division, part of Aspen Pharmacare Holdings Limited, leads in providing high-quality active pharmaceutical ingredients (APIs) to the global market. Aspen API solidifies its position through strategic partnerships and a comprehensive product portfolio, ensuring its status as a trusted and leading provider of active pharmaceutical ingredients.
- Aspen Manufacturing
Aspen Manufacturing stands out as a global leader in pharmaceutical production, with operations in key locations across South Africa, France, the United States, and the Netherlands. Recognized by accredited regulatory bodies, the company specializes in high-volume manufacturing of tablets, capsules, liquids, and dosage forms while maintaining rigorous quality standards. Aspen Manufacturing’s expertise is showcased through specialized locations such as De Geer, Moleneind, Boxtel, and Notre Dame de Bondeville, each dedicated to specific aspects of pharmaceutical production.
- The Stephen Saad Foundation
Beyond the corporate realm, Stephen Saad demonstrates his philanthropic commitment through The Stephen Saad Foundation. This organization has played a crucial role in aiding millions of HIV/AIDS patients in Africa by securing patents for antiretroviral medication. Notably, Aspen launched the first generic ARV in 2003, benefiting approximately 900,000 individuals daily. The Saad Foundation actively supports education, healthcare, and community development, implementing transformative initiatives like scholarships and infrastructure development, ultimately contributing to the well-being of marginalized communities.
- The Sharks
In addition to his business ventures, Stephen Saad chairs The Sharks, a prominent South African professional rugby union team based in Durban, KwaZulu-Natal. This involvement reflects Saad’s commitment to sports and community engagement, showcasing his diverse interests and contributions to the South African landscape.
