Appleby has acted as Mauritius legal counsel to International Finance Corporation (IFC) in connection with the Mauritius law aspects of this cross border transaction.
The matter involved a 600 million Euro financing package provided by IFC along with DEG – Deutsche Investitions- UND ENTWICKLUNGSGESELLSCHAFT MBH, Société de Promotion et de Participation pour la Coopération Economique (Proparco) S.A. and United States International Development Finance Corporation to Aspen Finance Proprietary Limited, a company organized and existing under the laws of South Africa, listed on the Johannesburg Stock Exchange (JSE) and a leading pharmaceutical company in South Africa.
IFC is the private sector arm of the World Bank Group and offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries.
Aspen is a leading global specialty and branded multinational pharmaceutical company improving the health of patients across the world through high quality and affordable medicines. It is the largest pharmaceutical company listed on South Africa's JSE where it ranks among the top 40 listed companies on this exchange. It is intended that the financing package supports Aspen in its major role in producing COVID-19 treatment therapies and vaccines on the African continent as well as in the emerging markets.
The Appleby team comprised of Malcolm Moller, Group Managing Partner, and Manisha Lallah, Counsel.