Marrakech – The Moroccan pharmaceutical group Laprophan received approval from the Moroccan Capital Market Authority (AMMC) on Wednesday for its listing on the Casablanca Stock Exchange. The regulator issued its visa under the reference VI/EM/033/2026.
The operation can reach a maximum of MAD 2,222,535,700 (222.25 million), with subscriptions running from November 9-17 until 3:30 p.m., at MAD 341 ($34.10) per share.
Laprophan becomes the third company to launch an initial public offering in Casablanca in 2026, after T2S Group Holding and Jet Energy. The group has framed the operation as a way to support its current development, finance its external growth, including an acquisition in progress, strengthen its financial structure, and accompany its industrial investment. The listing serves two distinct purposes within a single transaction.
The first part brings fresh capital into the company. This capital increase reserved for the public amounts to MAD 1,399,975,500 ($140 million), premium included, through the issuance of 4,105,500 new shares at MAD 341 ($34.10).
The second part does not benefit the group. It covers the sale of 2,412,200 existing shares held by MC IV Pharma and MC IV Morocco, for a maximum of MAD 822,560,200 ($82.26 million), with the proceeds going to the selling shareholders.
Together, the offer covers 6,517,700 shares, or 37.64% of the capital and voting rights after the operation. The shares will be admitted to Compartment A, the main compartment of the Casablanca exchange.
The ordinary and extraordinary general meeting of Monday authorized the transaction, which includes a specific discount reserved for eligible employees and executives. CFG Finance acts as financial advisor and global coordinator.
The pricing points to a valuation close to MAD 5.9 billion ($590 million). If 6,517,700 shares represent 37.64% of the post-operation capital, Laprophan will count about 17.3 million shares, against roughly MAD 4.5 billion ($450 million) before the capital increase. New shareholders will hold close to 24% through the newly issued shares and about 14% through the titles sold by the fund.
Those vendors are the vehicles of the MC IV fund of Mediterrania Capital Partners. In 2023, Laprophan opened its capital beyond the founding family for the first time, through a MAD 750 million ($75 million) investment protocol with a consortium led by Mediterrania.
The Competition Council recorded a 24.59% stake acquired by Mediterrania and its partners Proparco, FMO and DEG, with a Luxembourg-domiciled vehicle, MC IV Pharma, created to hold it, alongside a second seller, MC IV Morocco, that did not appear in the earlier communications.
If that holding remained at its 2023 level, the sale of 2.4 million shares would represent roughly three-quarters of the position, leaving the fund with a little under 5% after the listing.
At the offer price, the 2023 investment would be valued around MAD 1.1 billion ($110 million). Mediterrania has used the same path before, with a partial exit from Cash Plus through a Casablanca listing that it presents as its third IPO and that was oversubscribed 65 times.
An acquisition drive behind the listing
Beyond the partial exit, the proceeds are tied to an expansion still under way. Laprophan has built a series of acquisitions since 2024. The group paid about MAD 770 million ($77 million) for 100% of Amanys Pharma, the former Saham Pharma, which strengthened its positions in hospital medicines, oncology and beta-lactam antibiotics and added two subsidiaries in Dubai and India. It then took 75% of Botanic Pharma, a food-supplement specialist.
In February, it acquired 60% of the Swiss group Rivopharm, based in Manno near Lugano, a deal mounted through the Luxembourg platform Europhan two years after a failed attempt to buy a French factory. Rivopharm generates close to $100 million in annual revenue and holds Swissmedic, EU-GMP and US-FDA certifications.
It brings a portfolio of nearly 540 marketing authorizations, the Developharma research center, and a commercial network across more than 30 countries through subsidiaries in Germany, the United Kingdom and Lithuania.
The next target is Polymedic. In October, Laprophan signed a contract for 100% of Corporate Investment Holding, the laboratory’s parent company, and notified the project to the Competition Council. Polymedic counts close to 280 employees, a 9,600-square-meter site in Casablanca, 138 marketing authorizations and more than 200 products across 12 therapeutic areas. The amount has not been disclosed, and completion depends on regulatory approval.
Founded in 1949 by Abderrahim Bennis and chaired since 2020 by his son Farid Bennis, Laprophan now presents itself as an integrated pharmaceutical platform spanning research and development, manufacturing, distribution and commercialization.
Four plants in Morocco and Switzerland
The group operates four production sites in Morocco and Switzerland, totaling about 76,500 square meters. The historic Casablanca site holds seven specialized units with capacity near 90 million consumer sales units (UVC) per year.
The Aïn El Aouda beta-lactam plant run by Amanys Pharma is to reach 25 million UVC by 2027, while a new sterile injectables unit at the same location, with about 30 million UVC, is expected to enter service during 2027. The Manno site in Switzerland adds roughly 35 million UVC. The combined capacity exceeds 180 million UVC per year, supported by an automated logistics center.
The group’s portfolio runs past 1,300 marketing authorizations across 15 therapeutic areas, among them anti-infectives, oncology, cardiovascular disease, digestive conditions and the central nervous system. Its activity rests on several poles: medicines under its own brands, products handled under international licenses, Amanys Pharma’s hospital specialties, Rivopharm’s European operations, and Botanic Pharma’s food supplements.
The research effort rests on four global patents, including the effervescent omeprazole IXOR, and a pipeline of more than 50 molecules in development, with biotechnology work carried out through the subsidiary Ibyltech in partnership with UM6P and MAScIR. Laprophan employs close to 1,450 people, markets its medicines in more than 50 countries, and maintains operational subsidiaries in eight.
The group frames the listing within a five-part strategy: accelerating international expansion around Rivopharm, consolidating its Moroccan positions through selective external growth, developing an integrated industrial network aligned with international standards, enriching its product portfolio and R&D, and a digital transformation built on the SAP S/4HANA RISE ERP and in-house artificial-intelligence tools, including its SuiteLink suite.
The prospectus validated by the AMMC combines the operation note and the 2025 reference document, available on the websites of the AMMC, the Casablanca Stock Exchange, and Laprophan. The shares will be sold through all bank branches and brokerage firms that belong to the placement syndicate.
