Shares high after AIDS drug price agreement

Shares in Africa's largest generic drug manufacturing firm skyrocketed on Friday following reports of an HIV/AIDS agreement between the company and the US-based Clinton Foundation. Former US president Bill Clinton recently announced that his foundation had reached an agreement with South Africa's Aspen Pharmacare and three other leading multinational manufacturers on major price reductions for HIV/AIDS drugs in developing countries. The agreement, which builds on previous price reductions, promises to bring the current annual best rate of US $255 per year (around 70 US cents per day) for antiretroviral therapy to as low as $140 per year, or just over 38 US cents per person per day. Aspen group chief executive, Stephen Saad, said the firm's offering could also be bolstered shortly by additional licenses granted to them for the manufacture of other antiretroviral drug combinations. Saad was quoted by South Africa's Business Day newspaper as saying: "As Africa's largest generics manufacture, this agreement further endorses the group's quality manufacturing, scientific and development capabilities, placing Aspen in a league with the leading international generic pharmaceutical manufacturers."