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L1 Health has jointly acquired two European pharmaceutical companies in partnership with investment firm Blantyre Capital.

On October 4th, shareholders in Johannesburg-listed Ascendis Health approved a restructuring plan under which senior debt holders L1 Health and Blantyre Capital exchanged outstanding debt for assets including Remedica and Sun Wave Pharma. The transaction closed on October 21st.

Cyprus-based Remedica specialises in the development, production and sale of high quality generic pharmaceutic products. Remedica’s manufacturing capabilities and a broad distribution network that reaches 160 countries, meets the growing appetite for low-cost, high-quality medicines globally.

Sun Wave Pharma focuses on bringing well-researched, nutritional products based on efficacy and safety in niche therapeutic areas such as urinary, mental, cognitive and cardiovascular health to the market. Sun Wave Pharma is now one of the leading nutritional product providers in Eastern Europe.

Commenting on the acquisition, Stefan Linn, Managing Partner and CEO of L1 Health said: “Remedica and Sun Wave Pharma are exciting European businesses that fit with our strategy of making long-term investments in sectors vital to future economic and societal prosperity. We look forward to working with the management teams and our partners at Blantyre Capital to activate a range of organic and inorganic growth initiatives.”