Aspen Pharmacare, South Africa’s largest pharma company, has announced that it is pouring $235 million into its Port Elizabeth site.
The company said that it plans to use the investment to build a facility that will manufacture sterile anesthetics. According to the company, the new facility, along with a plant it opened in May that will focus on late-stage oncology drugs, will create about 500 jobs combined at the manufacturing site.
The company did not divulge many details of about its latest investment, but said it will provide “niche, high-tech manufacturing capabilities that present both domestic and export opportunities.”
The news comes just weeks after Aspen’s shares plunged when the company reported weaker-than-expected financial results. Analysts have said that part of its struggles are likely related to the sale of its nutritional business for less than market expectations.
Read the full Business Live report.