Biogaran- a French generic medicine manufacturer has declared it official acquisition of the Nigeria’s Swiss Pharmaceutical company (Swipha) with the intension of boosting local production of drugs in Nigeria.
According to the statement released by Biogaran, signed by her President, Mr. Pascal Briere, it expressed the interest of the new owners in developing Swipha’s portfolio, which is mainly focused on three axes: anxiolytics and tranquilizers, antimalarials and antibiotics, which treat the most common infections and health problems in Nigeria.
The release reads in part: “Swipha’s know-how, network and reputation immediately convinced us that it was the right partner for us.”
However, there are signs that Swipha Nigeria had been struggling to sustain its operations overtime due to high cost of production and huge debt, which eventually resulted into the acquisition by Biogaran.
Assuming its new position, Biogaran declared that it has chosen Nigeria to realize its first investment in Africa because of the many long-term opportunities offered by the country, which is Africa’s most populous (184 million inhabitants in 2016 according to the IMF). “Nigeria quickly established itself as the best point of entry on the African continent, with 184 million potential consumers and strong economic fundamentals, including a dynamic market economy.
“We made a survey of many countries to check whether there was room for strong development of our BIOGARAN concept abroad but many of such countries were eliminated because they were very mature markets and there was no room for new development to succeed. Nigeria was a different market and had room for development.
“Other determining factors are Swipha’s great experience, its impressive network and know-how which will make collaboration with a group like Biogaran even more natural”, Briere stated.
On plans for the acquired entity, Brière noted that the new management’s first priority is to revitalize the company and give confidence to employees on its commitment to a prosperous future.
“The last few years have been rather difficult for Swipha but the company has exceptional assets, a unique know-how, good materials and a strong reputation. I am convinced that Biogaran’s support will be pivotal in repositioning the company as a major player in the sector and help win new markets and launch new products”, he added.