Ghana’s mPharma buys majority stake in Nigeria’s HealthPlus
mPharma, an African-based pharmaceutical startup, has acquired a majority share of HealthPlus, the leading pharmacy chain in Nigeria, for an undisclosed amount.
According to reports, mPharma and Alta Semper, a former investor at HealthPlus, have signed an agreement leading to the acquisition of a majority stake in the HealthPlus Group.
This comes after mPharma acquired a 55% stake in Uganda’s Vine Pharmacy last year, as well as the acquisition of Kenya’s Haltons Pharmacy for $5 million—that marked the startup’s launch into East Africa.
mPharma has so far raised $65 million from investors like JAM Fund, a venture capital firm founded by Tinder co-founder Justin Mateen; Unbound, a growth investment firm by Shravin Mittal, the managing director of Bharti Global Limited (Bharti family investment arm); Lux Capital; Northstar; Social Capital; Novastar; and TO Ventures.
The health tech was founded in 2013 with a mission to establish a drug monitoring system, connecting patients, hospitals and pharmacies to ensure reliable and safe access to medicines.
Commenting on the acquisition, the Chief Executive Officer and Co-founder of mPharma, Gregory Rockson, said the acquisition is in line with the company’s mission to build an Africa that is in good health by delivering life-changing healthcare services and drugs to improve health outcomes for patients.
He stated that the acquisition of the HealthPlus Pharmacy chain by mPharma complements mPharma’s deep commitment to increasing patient access to affordable and quality healthcare in Nigeria.
“mPharma is deepening its long-standing commitment to Africa by reimagining primary healthcare in some of the most vulnerable communities on the continent. We continue to transform community pharmacies into primary care centres to provide affordable and accessible healthcare to all patients so they can live not just longer but healthier lives. We are optimistic about the future of healthcare for Nigerians through the acquisition of HealthPlus”, said Rockson.
The acquisition will give mPharma a stronger presence in Nigeria’s health tech and an opportunity to expand its mutti pharmacy retail footprint across the continent through its fast-growing QualityRx programme.
The deal with HealthPlus comes two years after Alta Semper Capital agreed to invest $18 million in HealthPlus, with the agreement that Bukky George, HealthPlus founder and CEO, would give Alta Semper Capital a controlling stake for them to realise their investment.
However, two years after receiving the investment from Alta Semper Capital, HealthPlus faced an internal crisis with its investors leading to the termination of Bukky George’s appointment—who founded the company—as CEO by the board.
However, HealthPlus debunked George’s sack stating that the press release was not authorised by the Company or anybody acting on its behalf.
