Johannesburg — PHARMACEUTICAL titan Aspen Phamacare Holdings has acquired 60% of over-the-counter medicine maker Shelys Africa for an undisclosed sum from private equity firm Aueros Capital and other shareholders.

Shelys, set up in 1984, sells its products in east and central Africa and is part of the Sumaria Group, one of the largest private sector groups in east Africa headquartered in Tanzania.

The deal comes nearly a year after Aureos introduced Shelys to Aspen -- Africa's largest pharmaceutical firm -- to explore opportunities to work together. This culminated in them agreeing there were strong synergies that could be exploited.

Aureos on Friday said Aspen saw in Shelys a group with good manufacturing capabilities and a strong brand presence in its core markets. "To Shelys, Aspen offers access to a broader distribution network and wider product range," it said.

Shelys group chairman Jayesh Shah said the acquisition would create a formidable group in the pharmaceutical sector in the region, while Aspen Group CEO Stephen Saad said the deal would help bring affordable medicine to Africa.

"We are delighted to have formed this partnership which is instrumental to achieving our goal of providing quality, affordable medication throughout Africa," he said.

Aspen's offshore subsidiary recently acquired for R2,7bn the intellectual property rights to four branded pharmaceutical products -- Eltroxin, Imuran, Lanoxin and Zyloric -- from GlaxoSmithKline.