BluePeak Private Capital has announced a $15 million investment in Africure, a pioneering pan-African manufacturer and distributor of quality pharmaceutical goods, to improve access to affordable medicines to treat communicable diseases in Africa.
The fund 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 brands that target chronic disease profiles such as cardiac and diabetes conditions.
“Africure is a trusted manufacturing and distribution partner that has developed one of the most impactful pharmaceutical businesses across Africa,” said Fulton Shiundu, principal at BluePeak Private Capital in a statement.
‘’We are delighted to support the company’s growth trajectory as strengthening health systems plays a critical role in Africa’s recovery from the pandemic. Our partnership will boost access where there is an urgent need to provide quality and affordable treatment to consumers that need it the most,” Shiundu added.
Similarly, Sinhue Noronha, founder and CEO of Africure, said that BluePeak’s investment is transformative for his organisation’s business, noting that the investment will act as an impetus to its growth trajectory that will take it to a critical size. “We have built a highly competitive pan-African manufacturing capability over the past five years. This investment will enable us to scale up significantly the number of customers we serve, as well as the number of patients we can reach with affordable, reliable treatments for communicable, infectious, and chronic diseases and conditions,” Noronha said.
“I am sure that our existing capacities and those under creation will positively impact the wellbeing and quality of life of millions of Africans in need. With more than 90 percent of our employees being Africans, we believe that we are creating a positive impact on job creation, and technology dissemination, resulting in a better standard of living.”
Founded in 2017, Africure’s portfolio of nearly 300 products spans several therapeutic areas ranging from anti-infectives, analgesics, anti-parasitic and respiratory treatments to generic drugs providing critical care for non-communicable diseases, increasingly prevalent in countries across the continent. It 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 percent 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, it said in a statement.