InstrumentUnsecured Callable Bonds 
ListingOfficial List 
Issue date16/07/2021
Amount €13,000,000

Issuer profile

Brown’s Pharma Limited, a subsidiary of Brown’s Pharma Holdings p.l.c. operates the Brown’s retail pharmacy network, a network of 21 pharmacies located across Malta, while it is geared towards the commercialisation of pharmaceuticals and allied products, such as health and beauty items, as well as services.

Set up in 1998 by pharmacists Alexander Fenech and Robert Spiteri, since then, Brown’s Pharma Limited has built a trusted healthcare legacy as it strives to democratise community pharmacy and make it easier for its customers to access the products and services required to lead a healthier lifestyle.

Issuer need

The Group aimed to grow its current retail pharmacy portfolio by increasing both footfall and sales through the introduction of new and innovative product and service offerings, while it planned to expand its presence through further acquisitions of retail pharmacies. The Group aimed to acquire two additional pharmacy licenses, while it aimed to conduct extensive refurbishment on both properties. At the same time, it sought to invest further in health-related equipment.


Calamatta Cuschieri structured a €13,000,000 Bond Issue for Brown’s Pharma Holdings p.l.c. to raise the necessary capital to finance its growth strategy. The proceeds also helped the Group fund other capital projects, carry out refurbishing works and rebranding under the Brown’s brand, as well as to refinance prior debt.