Billionaire Stephen Saad buys $10.2 million in shares amid Aspen woes

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At a Glance

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• Stephen Saad acquired Aspen shares worth over $10 million through his firm, reinforcing commitment as the company faces a historic stock dip and operational headwinds.
• Aspen lost over 28% in share value this year, with a 30% plunge on April 22 after warning of a $147.2 million earnings hit tied to mRNA disputes.
• Regulatory pressure, U.S. FDA scrutiny, and tariff risks have shaken investor confidence, prompting Saad’s bold move to restore faith in Aspen’s long-term trajectory.

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South African billionaire Stephen Saad, founder and CEO of Aspen Pharmacare, is doubling down on Africa’s largest drugmaker as it faces one of its most challenging periods.

Regulatory filings on May 8 and 9 revealed that Saad, who already holds a 12.8 percent stake in Aspen (over 57 million shares), acquired R184.7 million ($10.15 million) shares through his investment firm, K2019068922 (South Africa) Pty Ltd, where he is a director. The purchases were made on May 6, 7, and 8 and disclosed via a directors’ dealings notice to the Johannesburg Stock Exchange.

The move follows a steep decline in Aspen’s stock, driven by a contract dispute over mRNA technology that has erased more than R22 billion ($1.2 billion) in market value. Earlier this year, Aspen was valued at over $4.2 billion. Saad’s latest share buy signals firm confidence in the company’s long-term prospects.

Aspen battles losses, regulatory and tariff pressures

Aspen’s shares have plunged over 28 percent since January, with a staggering 30 percent drop on April 22—the steepest single-day fall in more than two decades—after warning of a potential R2.77 billion ($147.2 million) earnings hit in 2025 tied to an mRNA manufacturing dispute.

The company is also under regulatory scrutiny after a key South African facility failed to meet U.S. FDA standards. Analysts have raised red flags over its debt burden and warned that escalating U.S. tariffs may disrupt global pharmaceutical supply chains.

In a bid to restore investor confidence, founder Stephen Saad increased his personal investment. Since bottoming at R112 ($6.15), the stock has recovered slightly, closing at R118.79 ($6.52) on May 8, valuing the company at R53 billion ($2.9 billion).

Stephen Saad’s humble beginnings

With a net worth of $1.2 billion, according to Forbes, Stephen Saad founded Aspen in 1997 and built it into a leading pharmaceutical manufacturer across emerging markets. Though his wealth—closely linked to Aspen’s stock—has dipped amid a recent selloff, the company remains a pivotal force in Africa’s healthcare landscape, even as it navigates some of the toughest challenges in its history.