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Aspen Pharmacare Holdings Limited - Aspen signs MOU with Indian based Matrix
Aspen Pharmacare Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1985/002935/06)
Share code: APN
ISIN: ZAE000023586
(`Aspen`)
Press Release
Aspen signs MOU with Indian based Matrix
Aspen Pharmacare Holdings Limited (Aspen), Africa`s largest pharmaceutical
manufacturer and leading supplier of generics today announced that it has signed
Memorandums of Understanding (MOUs) with Indian based Matrix Laboratories
Limited (Matrix) to strengthen Aspen`s vertical integration into the manufacture
of Active Pharmaceutical Ingredients (APIs).
APIs are the key raw material in the manufacture of finished dosage form
pharmaceuticals. Matrix is a leading global API manufacturer supplying all of
the major international pharmaceutical markets and it is listed on the National
and Bombay Stock Exchanges.
In terms of the strategic alliance comtemplated by the MOUs, Matrix and Aspen
will form a Joint Venture (JV) in India to manufacture APIs required by Aspen,
including anti retrovirals (ARVs). Aspen has been recognized as one of the
world`s leading producers of ARVs. Matrix was one of only two API manufacturers
worldwide to be accepted by the Clinton Foundation for the supply of ARV APIs.
A second JV will be formed between Aspen and Matrix by the sale of 50% of
Aspen`s current 100% shareholding in Fine Chemicals Corporation (Pty) Limited
(FCC) to Matrix. Cape Town based FCC is South Africa`s leading API manufacturer
and a major exporter of product to the USA.
Stephen Saad, Aspen`s Group CEO said `our alliance with Matrix will be a major
milestone in our effort to secure a strong supply source for APIs for some of
Aspen`s key products, including ARVs. Matrix will also provide strategic inputs
in running the business of FCC`.
N Prasad, Chairman and CEO of Matrix said `the strategic alliance that we have
formed with Aspen is very significant and will go a long way in further
strengthening our overall API business. In addition, this alliance will also
give Matrix a strategic presence in South Africa`.
The contemplated transactions remain subject to the conclusion of definitive
agreements, the performance of due diligence investigations and the obtaining of
necessary approvals from, inter alia, the boards of directors of Aspen and
Matrix, the South African Reserve Bank and the Reserve Bank of India.
Issued by: Shauneen Beukes, Shauneen Beukes Communications
Tel: (012) 661-8467
Fax: (088) (012) 6618467
Cell: 082 389 8900
On Behalf Of: Stephen Saad, Aspen Holdings Group CEO
Tel: (031) 580-8602
Fax: (031) 580-8640
Cell: 083 303 4833
Gus Attridge, Aspen Holdings Deputy Group CEO
Tel: (031) 580-8604
Fax: (031) 580-8640
Cell: 083 628 8813
April 8, 2005
Sponsor:
Investec Bank Limited
Date: 08/04/2005 02:30:49 PM
Produced by the JSE SENS Department
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