Ascendis spends R7.3bn on international deals

Ascendis Healthcare to buy Akacia Manufactures for R345 million..photo :Simphiwe Mbokazi

Ascendis Healthcare to buy Akacia Manufactures for R345 million..photo :Simphiwe Mbokazi

Published May 24, 2016

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Johannesburg - South Africa's Ascendis Health said on Tuesday it bought two European companies as part of its plan to expand globally and diversify its pharmaceutical products, sending its shares higher.

The health and care company will buy Cyprus-based pharmaceutical firm Remedica Holdings for between 260 million euros ($291 million) and 335 million euros and sports nutrition company Scitec International for 170 million euros.

Ascendis shares rose 2.95 percent to R23.

Read also:  Ascendis gets green light to buy Akacia

The firm - which bought Spanish pharmaceutical company Farmalier in August last year - said it received the backing of 63 percent of its shareholders for the acquisitions which will be funded through a combination of debt, shares and proceeds from a rights issue.

Shareholders and new investors supported Ascendis' proposed rights offer of R1.8 billion rand, the company said.

 Read also:  Ascendis benefits from its expansion

REUTERS

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