S.Africa’s Aspen sells thrombosis drug business to Mylan, shares jump

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JOHANNESBURG, Sept 8 (Reuters)South African drugmaker Aspen Pharmacare APNJ.J has agreed to sell the rights to its European thrombosis business to U.S. pharmaceutical company Mylan MYL.O for almost 642 million euros ($759 million), sending its shares up 7% on Tuesday.

“The transaction supports Aspen’s strategy of continuing to reshape the Group towards a greater concentration of revenue in emerging markets,” Aspen said in a statement.

The company said it would retain the thrombosis business almost exclusively in emerging markets.

The sale will also allow Aspen to streamline its business in Europe, strengthen its balance sheet and provide “financial headroom” for future investments, the company said.

Proceeds from the deal will be used to reduce the group’s debt, Aspen said, adding Mylan would pay 263.2 million euros on completion of the deal and the balance in June 2021.

Investors have been concerned about Aspen’s debt in

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