Ascendis looks set to be solely a local player
Health group Ascendis has struck a deal with lenders that involves it exchanging its European businesses to extinguish about €447-m (R7.6-bn) in debt, leaving the company with assets only in SA, reported Business Day (12 May 2021).
Ascendis, valued at about R400-m on the JSE, said its board and management unanimously supported the restructuring deal. It involves the group giving up Cyprus-based pharmaceutical maker Remedica, and its ownership of Sun Wave Pharma in Romania. Europe contributed 55% of revenue in Ascendis’s half-year, but almost three-quarters of its operating profit, though the group will be selling some of its SA businesses as well.