Abraaj strengthens support for African pharmaceuticals with Steripharma investment
Moroccan company to expand and increase its product portfolio while growing exports to the private sector in North and Sub-Saharan Africa
The Abraaj Group, a Dubai-based private equity investor operating in growth markets, has invest an undisclosed amount in Steripharma, a Moroccan manufacturer and distributor of pharmaceutical products.
The funding will be used to expand the firm's footprint in North and Sub-Saharan Africa and increase production capacity by building a new GMP manufacturing plant.
Headquartered in Casablanca, Steripharma began its operations in 2002 with the manufacture of GMP-compliant pharmaceuticals. The company has a broad portfolio of products, both in solid and liquid form, and handles manufacturing, marketing, and subcontracting.
Steripharma provides a consolidated distribution service through private sector wholesalers and the regulated pharmaceutical distribution network in Morocco. It also distributes to the Moroccan public health sector through the Ministry of Health, and to nearby export markets.
Ahmed Badreldin, Partner and Head of MENA at The Abraaj Group, said: 'Pharma is among the best performing sectors in Africa; the industry has been growing at a steady rate over the past few years and this momentum is expected to continue in tandem with overall economic growth being witnessed in Africa.
'In Morocco, where local consumption is still low compared with other markets in North Africa, there is strong demand versus low penetration of generics, which creates the opportunity to develop high-quality, GMP-level products at an affordable price. The development of reimbursement schemes for medical expenses will also help sustain industry growth in the country and region-wide.'
Mohamed Amal El Bouri, Founder and Executive Chairman of Steripharma, added: 'Abraaj has demonstrated a deep understanding of our business, the pharmaceutical sector, and the larger African healthcare industry.'
'Abraaj’s relevant healthcare and pharma experience, business development expertise and extensive local and global industry relationships will provide Steripharma with both the resources and funds to achieve our long-term growth plans.'
