Aspen Pharmacare Holdings, the South Africa–based multinational drugmaker led by billionaire Stephen Saad, has agreed to sell the European commercial rights and related intellectual property for its women’s health treatment Ovestin to British pharmaceutical company Ennogen Healthcare International for €197 million ($220 million).

The transaction forms part of Aspen’s strategy to unlock value from assets outside its core emerging-markets business.

Under the agreement, Aspen will retain responsibility for manufacturing and supplying Ovestin’s active pharmaceutical ingredient and cream formulation in Europe for at least 10 years.

Ennogen will also acquire related inventory valued at approximately €4 million ($4.4 million), giving it commercial control while preserving Aspen’s role in the supply chain.

Aspen retains manufacturing role

The transaction includes additional service agreements designed to support the transfer of the business. Aspen will provide strategic support to Ennogen for five years at a monthly fee of €1 million ($1.1 million), alongside transitional services for up to three years to facilitate the handover

Aspen said proceeds from the sale would be managed under its capital allocation policy, with share buybacks remaining its preferred mechanism for returning capital to shareholders.

The divestment allows the company to monetize an established European pharmaceutical asset while maintaining a long-term manufacturing relationship with its new owner.

Ovestin anchors women’s health business

Ovestin is a prescription hormone replacement therapy containing estriol, a naturally occurring form of estrogen. The treatment is prescribed for postmenopausal women experiencing symptoms associated with reduced estrogen levels, including vaginal dryness, thinning of vaginal tissue and painful intercourse.

Founded in 1997 and headquartered in Durban, Aspen has grown into Africa’s largest pharmaceutical manufacturer, with operations spanning several international markets.

Listed on the Johannesburg Stock Exchange, the company has built a substantial specialty medicines business under Stephen Saad, who has led the group since 1999.

Saad remains largest shareholder

Saad owns approximately 13.2% of Aspen, equivalent to 58.8 million shares. His leadership has overseen the group’s expansion from its South African roots into an international pharmaceutical business with manufacturing and commercial operations across multiple markets.

Ennogen Healthcare International, founded in 2011 and headquartered in Dartford, Kent, is a privately held British pharmaceutical and medical device company.

The acquisition adds Ovestin’s European commercial rights to its portfolio as the company expands through transactions involving established pharmaceutical brands and multinational industry players.