Aversi Pharma

completed

Aversi Pharma Ltd (“Aversi Pharma” or the “company”), a flagship company of the Aversi Group, is one of the largest healthcare companies in Georgia, managing and operating pharmaceutical wholesale, retail, hospital and insurance business units. The company, which is a potential borrower for IFC financing, plans to expand its hospital business by investing in oncology, advanced diagnostics and advanced surgery projects. The company operates its outpatient and inpatient health care services under 6 hospital brands: Aversi Clinic Ltd (“Aversi Clinic”) with 11 locations in Tbilisi and the regions; Eristavi Center of Experimental and Clinical Surgery JSC (“Eristavi Clinic”) with one facility in Tbilisi; Medcapital Ltd, with 4 locations, Medalpha Ltd with 5 locations in Tbilisi and regions, Infectious Disease Hospital, with one location and New Life Ltd, with one location in Tbilisi. In total, Aversi holds and manages 23 existing clinics and hospitals. The “project” consists of expansion of Aversi’s healthcare services over the next three years. The total cost of the project is estimated at around € 26 million and mainly includes  purchasing of oncology diagnostic (i.e., Positron emission tomography–computed tomography “PET-CT”, cyclotron), radiotherapy (i.e., linear accelerators) equipment and other medical equipment (e.g., magnetic resonance imaging “MRI”, ultrasound “US” and equipment for advanced surgery theaters/rooms, such as angiography suites and hybrid operating rooms) to be installed in recently renovated Eristavi Clinic and Aversi Clinic’s main hospital extension, which is currently under construction in Tbilisi. In addition, the project includes the construction of a new out-patient clinic in Telavi, located in the Khaketi region (“Telavi Clinic”). IFC is considering to invest a corporate A-loan of up to € 13 million to Aversi Pharma and the rest of the total project cost is anticipated to be financed through other financial institutions and company’s own funds.Telavi Clinic will have 5 floors, covering approximately 3,300 m2, and be developed in two phases: (i) construction of the building and investing in MRI/CT/ultrasound and laboratory equipment to provide diagnostics and laboratory services; and (ii) gradual development of other outpatient services. The construction started in early February and expected to be completed by the second half of 2017.