Deals
African Pharma Tycoon Saad Falls From Grace as Aspen Plunges
- South African company’s stock falls most in its history
- Delayed sale of infant formula unit hurting cash, debt levels
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Aspen Pharmacare Holdings Ltd. Chief Executive Officer Stephen Saad had a bad Friday.
Shares in the drugmaker he co-founded more than two decades ago crashed by as much as 50 percent in Johannesburg as investors balked at mounting debt and another delay to a key asset sale. Saad, who owns 12 percent of the company, saw his net worth slashed by as much as 4 billion rand ($276 million).