Moroccan pharmaceutical group Laprophan is preparing a major new phase of expansion, with plans to strengthen its industrial capabilities, pursue international acquisitions and expand its presence across global markets. Its upcoming listing on the Casablanca Stock Exchange is expected to provide fresh capital to support this strategy, including the planned acquisition of Polymedic.
The company unveiled the details of its initial public offering on October 29, following approval from Morocco’s Capital Market Authority (AMMC). The subscription period is scheduled to run from November 9 to 17, 2026, with shares priced at MAD 341 each.
The transaction could raise up to MAD 2.22 billion through the issuance and sale of a maximum of 6,517,700 shares. This includes 4,105,500 newly issued shares, representing approximately MAD 1.4 billion in fresh capital, alongside 2,412,200 existing shares valued at up to MAD 822.56 million.
A significant portion of the proceeds from the capital increase will support Laprophan’s ongoing acquisition of Polymedic. The transaction forms part of a broader consolidation strategy aimed at strengthening the group’s position in Morocco’s pharmaceutical industry.
Founded in 1949 by Dr. Abderrahim Bennis, Laprophan has gradually evolved from a domestic pharmaceutical manufacturer into an international healthcare group. Its early investment in research and development, including the establishment of a private R&D centre in the 1960s, laid the foundations for its industrial expansion.
The group’s transformation accelerated from 2020 under the leadership of Dr. Farid Bennis. International institutional investors, including Mediterrania Capital Partners, Proparco, DEG and FMO, joined the company’s shareholder base in 2023, supporting its expansion strategy.
Since then, Laprophan has pursued several acquisitions to broaden its portfolio. In 2024, it acquired Amanys Pharma, which focuses notably on hospital medicines, and secured a 75% stake in Botanic Pharma, a company specialising in dietary supplements.
Its international reach expanded further in 2026 with the acquisition of 60% of Swiss pharmaceutical company Rivopharm. The investment strengthened its European industrial and commercial presence.
Today, Laprophan markets its products, directly or through partners, in more than 50 countries. It operates four manufacturing facilities in Morocco and Switzerland, employs approximately 1,450 people and holds more than 1,300 marketing authorisations across 15 therapeutic areas.
Its financial performance has also strengthened. In 2025, consolidated net income reached MAD 109.37 million, compared with MAD 81.69 million in 2024 on a pro forma basis, representing growth of 33.9%.
The momentum continued during the first half of 2026, when consolidated net income climbed to MAD 125.72 million, against MAD 58.17 million during the same period a year earlier. Improved operating performance was the main contributor to this increase.
Morocco remains the group’s largest market, accounting for 68% of revenue in the first half of 2026. Europe represented 26%, while Africa contributed 3%.
Industrial investment is another central pillar of the company’s expansion. At Aïn El Aouda, Laprophan is developing a new injectable medicines manufacturing facility, backed by an investment of MAD 374 million. Scheduled to begin operations in 2027, the plant is expected to produce approximately 30 million sales units annually.
Research and development will also receive increased attention. More than 50 molecules were under development at the end of June 2026, covering pharmaceutical formulations, injectable products and biotechnology.
Through Ibyltech, established in partnership with MAScIR, the group is also developing capabilities in biotechnology and advanced pharmaceutical research.
International expansion remains a priority, particularly in Europe and English-speaking African markets. Laprophan plans to consolidate its position through Rivopharm while exploring additional targeted acquisitions.
The planned stock market listing therefore represents more than a financing operation. It is intended to support a broader industrial transformation, combining pharmaceutical manufacturing, research, acquisitions and international market development, with Morocco remaining at the centre of the group’s growth strategy.
