Pharma-Q Holdings (Pty) Ltd. and Imperial Logistics Limited (JSE:IPL) agreed to acquire Medicine Developers International/Pharmachem Pharmaceuticals/Alliance Pharma/Ascendis Pharma from Ascendis Health Limited (JSE:ASC) for approximately ZAR 380 million on February 1, 2022. The consideration will be made using a combination of available cash, debt at a conservative level and equity. The consideration would be settled by way of set-off against the portion of the ZAR 550 million that was lent to Ascendis by Apex Management Services and Pharma-Q Holdings. Upon completion, Pharma-Q and Imperial Logistics will own 49% and 51% stake, respectively. In related transactions, Apex Management Services agreed to acquire Scientific Group, Surgical Innovations, SI and Ortho-Xact and Amka Products agreed to acquire Skin and Body business unit comprising the Nimue business from Ascendis Health Limited for ZAR 102 million. The transaction are not inter-conditional and are subject to the approval of Competition Authorities and Ascendis Health' shareholders. The closing date of the transaction is the last date of the calendar month in which the last outstanding condition precedent is fulfilled or waived. Pursuant to the transactions, Ascendis Health Limited will be free of debt, with some cash to spare to rebuild.

Pharma-Q Holdings (Pty) Ltd. and Imperial Logistics Limited cancelled the acquisition of Medicine Developers International/Pharmachem Pharmaceuticals/Alliance Pharma/Ascendis Pharma from Ascendis Health Limited (JSE:ASC) on June 27, 2022.