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Pharmacare Finance p.l.c.

Pharmacare Finance p.l.c. announced the issuance of €17,000,000 6% Unsecured Bonds maturing in 2033, having a nominal value of €100 per bond issued and redeemable at par. 

Dar Al-Shifa Pharmaceuticals plc, the ultimate parent company of the Issuer, was established in 1985 as a public limited company in Palestine. In 1999, it entered into a joint venture with the Wirtz family, owners of the German pharmaceutical company Grunenthal. With this continued partnership, the company attained stringent EU Good Manufacturing Practice (GMP licence to produce and market pharmaceuticals in the EU) issued by the German Medicines Authorities and has been supplying pharmaceutical products to the European market since 2008. Dar Al-Shifa Pharmaceuticals plc has a 12% local market share with 150 products and 330 employees. The company was listed on the Palestine securities exchange in June 2013. 

The Group chose Malta as its European base through the establishment of Pharmacare Premium Limited (the “Guarantor”). Pharmacare Premium Limited’s facility in Hal Far is a pharmaceutical manufacturing plant for tablets and capsules, with a capacity of up to 200 million units per year. This facility has an EU Good Manufacturing Practice licence to produce pharmaceutical products issued by the Malta Medicines Authorities. It is designed and dedicated to produce high-potency medicines, a special and niche segment of pharmaceutical products used in oncology (anti-cancer treatments), multiple-sclerosis, antivirals, and other specialized therapies. 

Pharmacare Premium Limited is a generic pharmaceutical company, its business model is based on launching a product as soon as the exclusivity (patent) granted to the innovator company expires allowing generic companies to compete in the marketplace. 

More info about this bond issue on this link.