London, April 26th, 2022:
BluePeak Private Capital’s $200 million targeted impact-linked fund today announced its investment in Africure, a pioneering pan-African manufacturer and distributor of quality pharmaceutical goods with manufacturing hubs across the continent serving patients across East and West Africa.
The up to $15 million investment provides a vital capital boost to Africure and supports the company’s plan to strengthen its working capital to support the increased demand for pharmaceutical goods across its more than 10 African markets. The funding further enables Africure to realise its growth ambitions to develop a range of innovative affordable Africure brands that target chronic disease profiles such as cardiac and diabetes conditions.
Founded in 2017, Africure’s portfolio of nearly 300 products spans several therapeutic areas ranging from anti-infectives, analgesics, antiparasitic and respiratory treatments to generic drugs providing critical care for non-communicable diseases, increasingly prevalent in countries across the continent.
Africure has generated approximately $30 million of revenues and operates manufacturing and distribution facilities in Tanzania, Cameroon, Namibia, Botswana and Côte d’Ivoire, a finished goods packing unit and has a manufacturing hub under construction in Ethiopia. The firm’s combined manufacturing capacity is the largest in sub-Saharan Africa for oral solid dosage pharmaceuticals.
Sub-Saharan Africa imports more than 80% of its requirements for pharmaceutical goods. Africure is strategically positioned to boost countries’ self-reliance through increased local pharmaceutical manufacturing and access to quality, affordable generic medications that are currently served by expensive imported branded generics and numerous low-quality counterfeit goods.
The investment is highly aligned with the Fund’s impact agenda and will support Africure in making a positive impact by increasing affordable access to critical medicines in countries with a high burden of disease. In terms of alignment with the 2X Criteria, Africure meets Direct Criteria 4, as the company produces a range of products used by women during pregnancy, such as folic acids and supplements that boost their iron intake. BluePeak will work closely with the company to strengthen alignment and enhance strategies that improve gender equality.
The $15 million commitment promotes the UN’s Sustainable Development Goal 3 Good Health & Well-being, Goal 5 Gender Equality, and Goal 8 Decent Work and Economic Growth.