Aspen Pharmacare Holdings Limited is a public multinational pharmaceutical company headquartered in uMhlanga, South Africa. Founded in 1997, it listed on the Johannesburg Stock Exchange (JSE) in 1998, and purchased South African Druggists in 1999 before expanding into international markets. Currently the largest pharmaceutical company in Africa through aggressive mergers and expansion, with major manufacturing sites in locations such as Gqeberha in South Africa, Bad Oldesloe in Germany, Notre-Dame-de-Bondeville in France, and Oss, Netherlands, Aspen is known for manufacturing and distributing branded pharmaceuticals as well as generic HIV/AIDS antiretrovirals (ARVs) and cancer medications. Among other products, Aspen has also been involved in manufacturing the Janssen COVID-19 vaccine through "fill and finish", and has the rights to sell the product under its own brand name Aspenovax. The company's revenue in 2022 was R38.6 billion (US$2.36 billion). In 2016 Aspen was fined for high prices on cancer drugs, and after an investigation Aspen committed to reduce prices for 5 years in the European Union.
History
Founding and acquisitions (1997-2003) According to the company website, the legacy company behind Aspen Holdings was founded in 1850 by Berry Grey Lennon, an Irish chemist, who opened a drug store in Gqeberha, South Africa. In 1898, B.G. Lennon & Co. established itself as Lennon Ltd, and by 1930 it was the largest pharmaceutical company in the southern hemisphere. Mergers continued throughout the 1950's and 1960's. Lennon was listed on the Johannesburg Stock Exchange (JSE) in 1968, and in 1975 it started a research and development department to develop and register generic drugs. Separate from Lennon, the originating Aspen company was founded in 1997 by South African businesspeople Stephen Saad, Gus Attridge, and Steve Sturlese, as well as a fourth shareholder. The business was initially located in Durban, South Africa. With backing from Investec, Aspen listed on the JSE in 1998. Aspen purchased South African Druggists (SAD) in 1999, the oldest pharmaceutical business in South Africa, for R2.4 billion in a hostile take over. SAD still owned a large manufacturing facility in Gqeberha and the Lennon home remedies brand.
With Saad serving as chief executive and Attridge as deputy chief executive, co-founder Steve Sturlese left the company in 2001, and that year Aspen expanded into Australia. Also in 2001, Saad negotiated the "first-ever voluntary" licenses to manufacture generic versions of antiretrovirals (ARVs) to treat HIV, ending a "stand off" between the South African government and various multinational drug companies over anticompetitive activities. Also, in 2001, GlaxoSmithKline (GSK) granted Aspen the right to manufacture low-cost generics of three of its ARVs. By 2003, Aspen was the largest generic medicine distributor in South Africa. In August 2003, Aspen launched Aspen Stavudine - its first generic ARV drug, building an Oral Solid Dosage drug facility in Gqeberha to produce what was Africa's first generic antiretroviral. Aspen's efforts led to expanded access to affordable treatments for HIV/AIDS.
International expansion (2004-2019)
Aspen acquired Fine Chemicals Corporation in Cape Town, South Africa in 2004, which was the only producer of active pharmaceutical ingredients in South Africa. Also in 2004 it acquired Infacare from Royal Numico. In 2005, Aspen was granted a license by Merck & Co. to produce efavirenz and by 2005 Aspen was the largest supplier of ARVs in Africa. In 2007, Aspen announced it would expand into Latin America in partnership with Strides Pharma Science Limited. At the time, Aspen had operations in South Africa, the United Kingdom, Australia, the United States, India, Kenya, and Tanzania. Aspen was producing nine ARVs by 2009. In June 2009, Aspen was contracted to provide ARVs to the South African government's HIV/AIDS treatment program. Also, Aspen increased its production to fulfill the President's Emergency Plan for AIDS Relief (PEPFAR) orders from the United States. In 2009, Aspen purchased the rights to market Melphalan and several other cancer drugs from GSK, such as levothyroxine, azathioprine, digoxin and allopurinol. As part of the transaction, GSK purchased 16% of Aspen's shares for £268 million, while Aspen acquired GSK's manufacturing site in Bad Oldesloe, Germany and the rights to market and distribute GSK's pharmaceutical products in South Africa. Finalized in 2011, in late 2010, Aspen announced it would acquire the Australian company Sigma Pharma for US$1.24 billion.