Africure

About Africure

Africure Pharmaceuticals Limited is a manufacturer and distributor of generic pharmaceutical products, strategically focused on addressing the healthcare needs of Sub-Saharan Africa. The company was founded in 2017 by Sinhue Noronha, a veteran with over 40 years of experience in the African pharmaceutical sector. His journey began as a medical representative, and at age 30, he started his first venture, Simrone Pharmaceuticals, manufacturing and exporting to Europe and Africa. Africure was established through a management buyout of the African assets of a multinational company, funded by approximately $12 million raised from high-net-worth individuals.

The company, with its holding entity in Mauritius, operates under the mission 'Manufacture high quality essential medication In Africa By Africans For Africa'. This guiding principle addresses the continent's heavy reliance on imported medicines, aiming to enhance local self-sufficiency, reduce costs, and combat the prevalence of counterfeit drugs. Africure's business model involves establishing a network of manufacturing facilities in key African geographies. As of mid-2023, it has plants in Cameroon, Botswana, Côte d'Ivoire, and Namibia, with new facilities constructed in Ethiopia. An export-only unit is also maintained in India. The company's expansion plan includes adding new plants regularly and has previously included management contracts to assist other struggling African pharmaceutical companies.

Africure's product portfolio contains nearly 300 items, covering therapeutic areas such as anti-infectives, analgesics, and treatments for chronic conditions like cardiac diseases and diabetes. The firm generates revenue through the sale and distribution of these pharmaceuticals across more than 10 African markets. To fuel its expansion, Africure has secured significant funding, including a $15 million investment from BluePeak Private Capital in April 2022 and a $10 million loan from Proparco in October 2019, which supported the construction of plants in Côte d'Ivoire and Ethiopia. The company's shares commenced trading on the Stock Exchange of Mauritius in October 2022.