Africure gets $15m to develop drugs for chronic diseases
By Jeph Ajobaju, Chief Copy Editor
Africure has raised $15 million to strengthen its working capital and increase demand for pharmaceutical products across more than 10 markets in Africa.
The money will enable Africure to realise its ambition to develop a range of affordable brands that target chronic diseases such as cardiac and diabetes.
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Africure, a manufacturer and distributor of pharmaceutical products, got the financial lift from the $200 million impact-linked fund of BluePeak Private Capital.
“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
“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.”
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Sinhue Noronha (Africure founder and Chief Executive Officer)
“BluePeak’s investment is transformative for our business. This will act as an impetus to our growth trajectory and we are sure this will take us to a critical size.
“We have built a highly competitive pan-African manufacturing capability over the past 5 years,” Shiundu added, per Nairametrics reporting.
“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.
“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 per cent 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.”
Africure was founded in 2017.
It claims to have a portfolio of nearly 300 products which include anti-infectives, analgesics, antiparasitic and respiratory treatments as well as drugs for non-communicable diseases.
BluePeak Private Capital Fund SCSp is an impact-driven private capital fund which reached its first close at $116.5 million in September 2021.
It is backed by African development finance institutions, including CDC Group, EIB, DFC, FMO, and Caisse des Dépôts et Consignations (CDC) Tunisia.