Ennogen agrees $220m deal for Aspen’s European women’s health business

Aspen Pharmacare has completed the €197m sale of Ovestin’s European rights to privately owned Ennogen Healthcare International.

Aspen received the payment on 3 November after Ennogen secured unconditional funding for the acquisition.

Ennogen will also pay €4m for existing stocks of the product.

Aspen will retain a manufacturing and supply role under a separate 10-year agreement.

The company expects to record a profit of approximately R2bn from the disposal, part of its wider efforts to reshape its pharmaceutical portfolio.

Ovestin contains oestriol, a form of oestrogen used to treat vaginal symptoms associated with menopause.

The sale covers the product’s European rights, related intellectual property, registrations and regulatory approvals.

During Aspen’s 2026 financial year, the assets generated R756m in revenue, R521m in gross profit and R238m in profit after tax.

Their net asset value stood at R1.6bn at the end of June.

Aspen has been reshaping its portfolio to focus more on emerging markets.

In May, the group completed the sale of its Asia-Pacific business, excluding China, for gross proceeds of R28bn, recording a profit of R2.4bn.

Aspen said proceeds from the Ovestin sale would be allocated under its capital allocation model, with share buybacks remaining its preferred way of returning capital to shareholders.

The latest transaction includes three commercial agreements.

Under the 10-year manufacturing and supply agreement, Aspen will continue providing Ovestin’s active pharmaceutical ingredient and cream formulation to Ennogen for the European market. The agreement can be extended by mutual consent.

A five-year services agreement will see Aspen Global receive €1m a month to help Ennogen integrate and support the acquired business.

A transitional distribution agreement will last up to three years, with fees equivalent to 4 per cent of net sales.

Founded in 2011, Ennogen is a pharmaceutical and medical device company focused primarily on European markets.

Its portfolio includes treatments for pain management, respiratory conditions and dermatological conditions.

The company is headquartered in Dubai, with offices in the UK and Ireland.