Aspen’s €600 Million Funding

White & Case LLP 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 the deal. Appleby acted as Mauritius legal counsel to IFC. Baker McKenzie advised Aspen Pharmacare on the deal.

International Finance Corporation (IFC), French Development Agency subsidiary Proparco, DEG, the German Development Finance Institution, and the U.S. International Development Finance Corporation (DFC) granted 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 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.

With a 160-year heritage, Aspen is a global specialty and branded multinational pharmaceutical company with a presence in both emerging and developed markets with approximately 10 000 employees at 70 established business operations in 55 countries.

The White & Case team which advised on the transaction included partner Gareth Hodder (Picture), 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).

The Baker McKenzie Partner Lodewyk Meyer, Chantél van Zyl, Penjani Mseteka and Lara Stockley.

The Appleby team comprised of Malcolm Moller, Group Managing Partner, and Manisha Lallah, Counsel.

Involved fees earner: Manisha Lallah – Appleby; Malcolm Moller – Appleby; Lodewyk Meyer – Baker McKenzie; Penjani Mseteka – Baker McKenzie; Lara Stockley – Baker McKenzie; Chantel Van Zyl – Baker McKenzie; Dion English – White & Case; Gareth Hodder – White & Case; Paul Marshall – White & Case; Sandile Mathebula – White & Case; Andrea McKaiser – Walbrugh – White & Case; Martin Menski – White & Case; Preeti Nana – White & Case; Suzanne Perry – White & Case; Brendan Quinn – White & Case; Jennifer Stolp – White & Case;

Law Firms: Appleby; Baker McKenzie; White & Case;

Clients: Aspen Pharmacare ; DEG (Deutsche investitions und entwicklungsgesellschaft); International Finance Corporation; Proparco SA; U.S. International Development Finance Corporation;

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