Usable content
Uploaded content is treated as untrusted evidence. It is viewable and referenceable here, but it is not automatically trusted, executable, or promoted into canon/state/memory/action.
Normalized text is stored in the registry/backbone, not local prototype storage.
Strictly private and confidential |For discussion only
1
Investment Proposal
BAMCO
16 March 2026
Deal Lead: Christian Muneza, Sharon Batamuriza, James Fraser
Materials
Dataroom
Recommendation
Key Deal Informa.on
Industry Health Founders
• Markus Gemuend
(CEO), Mabeh Fang
(COO), Jamie
Freedman (CSO)
Sub-Industry Pharmaceuticals
Distribution
HQ Rwanda/US/UK
Stage Pre-seed Key Opera:onal
Metrics
• Rwanda FDA Market
Authoriza=on for 1
product
• 4 Products submiCed
for Rwanda FDA
authoriza=on
• 1 product submiCed
for inclusion on the
Rwanda Health
Insurance Associa=on
List
• 1 product covered by
3 private insurances
(See P. 3-5)
Fundraising Target $500,000-750,000 Key Impact Metrics
• Too Early
Post-Money Valua:on $5,000,000 Key Investors Ex-chairman of Roche,
Head of Roche EMEA
Instrument Equity Fundraised to date $800,000
BAMCO
Rwanda
Strictly private and confidential |For discussion only
2
Madiro Fitness:
With cancer killing more people than HIV, malaria and TB combined, and having a 90% mortality rate,
Bamco’s abempt to increase access to oncology drugs fits Madiro’s mandate to improve health outcomes.
Key Risks
• Working Capital Intensive: Bamco’s business is working capital intensive as some contracts require
upfront payment on high minimum purchase order. Upfront payment when Bamco itself will be paid
in 30-45 days by its clients will create cashflow strains if not well managed.
The Company has communicated it will renegotiate contracts that require full upfront payment and
will negotiate that minimum purchase order requirement be removed or reasonably reduced to match
its cashflow realities.
• Margins compression and intense compe::on on generic products: generics are a high volume and
low margins play. Compe44on is more intense in generics and success tends to be in favor of
entrenched incumbents.
The Company is seeking to differentiate itself by building a poriolio of branded innovative products
and seeking exclusivity on them. While the Company hasn’t signed any such contract yet, the team’s
experience at the top of one of the world’s leading pharma may indicate that they have the know-how
and relationships to deliver on it.
• Insurance Coverage: the Company’s products are yet to be added on the Rwanda Health Insurance
Association (RHIA) list and ultimately the Essential Medicines List for universal health coverage.
Commercial success will be limited until products have been added on the list.
The Company’s first application to have its product (Brenzavvy) added on the RHIA list was rejected
because its reseller, RIT, was adding high margins and making the product more expensive than the
alternative medicine which is already on the RHIA list. Consequently, the Company has moved to
seeking its own distributorship license so it can quote final prices itself, and in the short term, will be
using Medisol, which has promised to add no more than 20% margins, as its reseller.
• Logis:cs & Infrastructure: The Company’s product poriolio requires cold storage. While we had
understood this to be a significant challenge, the Company communicated that cold chain for the
volume of products it will be importing won’t be a challenge and will be building its own cold
warehouse as part of the requirement to get the distributorship license.
Madiro Value Crea.on
• Introduction to working capital/debt financiers
• Support in creating impact framework
• Synergies with poriolio companies
• Board expansion and governance
Strictly private and confidential |For discussion only
3
Due Diligence Summary
Problem
• Non-communicable diseases (NCDs) such as cancer, cardio-metabolic, and respiratory issues account
for 74% of all deaths globally. By 2030, 80% of the growth in NCD deaths is expected to occur in low-
and middle-income countries (LMICs), particularly in SSA
• Cancer has become the leading cause of death in Sub-Saharan Africa, resulting in more deaths than
HIV, Malaria, and TB combined. Currently, the cancer mortality rate in SSA is 90%, compared to only
10% in developed countries.
• Global pharmaceutical and biotech companies have largely avoided investing in the region due to a
perceived small market size. This neglect persists despite the fact that the disease burden and unmet
medical needs are growing at an accelerated pace
• Low-income populations are most affected due to a lack of awareness, system access, and the
prevalence of counterfeit or unavailable medications
Solu.on
Bamco operates as a B2B pharma access partner (distributor), bulk purchasing and licensing generic and
innovative NCD medicines, with a focus on diabetes and oncology, from global pharma and selling them
in local African markets. Currently, the Company imports and sells to existing national distributors but they
are seeking to get a distributorship license from the Rwanda FDA so they can sell directly to hospitals and
compete directly in tenders and set the final prices (these are currently set by the national distributors
who do bulk purchasing from Bamco). The distributorship license is expected in late 2026.
Pharma
Partner
Medica:ons
Covered
Business
Model
Status and Important
Considera:ons
Strategic Verdict
Eugia
(Aurobindo)
Oncology Poriolio:
Capecitabine,
Fluorouracil,
Paclitaxel,
Doxorubicin,
Cyclophosphamide,
Carboplatin
Buy-Sell
(distribution);
Non-exclusive;
Bamco pays
100% upfront
• 4 products have
been filed with the
Rwanda FDA,
namely
Capecitabine,
Carboplatin,
Doxorubicin, and
Cyclophosphamide.
And two products
are to be filed
soon, namely
Fluorouracil and
Paclitaxel. Filing
with Rwanda FDA
delayed as Eugia
sent the regulatory
packages late
• 2 products are set
arrive in April or
The Volume
Engine: essential
for building
market presence
and relationship
with key health
stakeholders but
carries high
operational and
inventory risks.
Strictly private and confidential |For discussion only
4
May, namely
Capecitabine and
Carboplatin. These
products have
been issued a
special permit for
importation
pending full market
approval. Likely
buyers of the
arriving batch will
be Partners in
Health/ Butaro
Cancer Hospital
and the Military
Hospital/Mediasol
(the military-linked
distributorship)
• Markus is set to
travel to India in
May to renegotiate
minimum purchase
orders requirement
Novar:s Breast cancer:
Kisqali (ribociclib)
Access
partnership:
proposed $72K
annual service
fee + revenue
share (15%
Bamco and
85% Novartis),
exclusive
partnership in
Rwanda
• Contract not signed
yet, but Due
diligence is
ongoing. BAMCO
has shared SOPs
for on healthcare
governance and
pharmacovigilance.
Waiting to hear
back from Novartis.
The Prestige Play:
positions BAMCO
as an access/
commercialization
partner rather
than just a
wholesaler. This is
a high margin,
patented product.
MSD (Merck) Immunotherapy:
Keytruda
Not yet
negotiated
• Only Exploratory
agreement signed
• Progress to
commercial
nego4a4on had
been put on hold
as MSD was
selecting a party to
conduct access and
distribution
partnerships on
their behalf. The
party has been
The Innovation
Flagship: if
successful, this
puts BAMCO at
the forefront of
advanced
oncology in
Africa. High
barrier to entry
for competitors.
Strictly private and confidential |For discussion only
5
found, and MSD
has forwarded all
existing
commercial
discussions with
BAMCO with them
Theracos Bio Type 2 diabetes:
Brenzavvy
Buy-Sell
(distribution);
exclusive rights
for Rwanda and
Ghana; Rights
of First Refusal
(ROFO) for all
SSA; 90 days
payment terms
• Rwanda FDA
Market
Authorization
granted
• Present on the
market
• Covered by 3
private medical
insurers
• Submibed for
inclusion in the
Rwanda Health
Insurance
Association (RHIA)
for automatic
coverage by all
insurances.
Decision will be
announced in
Q226.
BAMCO currently sell
Brenzavvy to a
distributor called RIT,
but RIT adds a high
mark-up when they are
reselling. They buy it
from BAMCO at
$45/unit and resell it at
$60/unit, making the
product uncompe44ve
on the market and
more expensive than
the alternative
medicine. Due to this,
RHIA has also rejected
the initial application
to add Brenzavvy on its
list. As a result, BAMCO
will be moving from RIT
to Medisol (which has
The Growth
Anchor: the most
valuable regional
contract. The 90
days float
provides
abractive cash
flow advantage
for scaling.
Strictly private and confidential |For discussion only
6
communicated it adds
no more than 20%
margin) and long-term
BAMCO is seeking a
distributorship license
to sell directly to
hospitals and
pharmacies.
Sirona Ghana Type 2 diabetes:
Brenzavvy
Regional sub-
supply: BAMCO
resells at a 3%
margin. 45-day
payment terms
to BAMCO
The Regional
Proof of Concept:
proves BAMCO
can successfully
act as a master
wholesaler for
other African
national
distributors.
Beyond these, The Company has communicated it is in advanced discussions with Celltrion to market some
of their biosimilar products in Rwanda, Ghana, and Ivory Coast.
In terms of innovativeness and generics, BAMCO product poriolio are grouped as:
• Innova:ve (Patent Protec:on): Pembrolizumab/Keytruda (immunotherapy); Kisqali (oncology
monoclonal antibodies); Trastuzumab (oncology monoclonal antibodies); Avastin (oncology
monoclonal antibodies); Ritux (oncology monoclonal antibodies); Brenzavvy (Type 2 diabetes
inhibitor)
• Standard of Care (Generics): Carboplatin (Oncology alkylating agents); Capecitabine (Oncology
antimetabolites); Paclitaxel (antitumor an4bio4cs); Fluorouracil (oncology antimetabolites);
Cyclophosphamide (Oncology Alkylating agents); Doxorubicin (antitumor an4bio4cs).
Compe&&ve Landscape
The Compe44ve landscape for specialized oncology and metabolic distribution is dominated by a few
large, diversified wholesalers. BAMCO’s unique value proposition is its focus on innovative branded
therapies and seeking exclusive distributorship rights for this rather than just high-volume generic trading.
Below is a summary that uses Rwanda and East Africa as an example. Compe44on breakdown across
markets will generally follow the same structure.
Private Distributors Public Distributors BAMCO
These distributors have several
years of operation, have built
long-standing relationships with
clients and stakeholders, and
have established logistics and
• Rwanda Medical Supply
(RMS Ltd.): As the state-
owned supply chain agency,
RMS is both a partner and a
potential competitor. While
While competitors like BAMCO
and Surgipharm are more
established and probably have
an edge in generics, BAMCO
seeks to create a niche for itself,
Strictly private and confidential |For discussion only
7
distribution networks. In
Rwanda and East, for example,
these include:
• Abacus Pharma (A) Ltd.: The
largest and most entrenched
player in East Africa. They
have a massive portfolio of
registered products, ranging
from general medicines to
specialized injectables. Their
scale is their primary
advantage, allowing them to
dominate government
tenders for generics.
• Surgipharm Rwanda Ltd.: A
high-end distributor known
for representing major
multinational innovators
(like GSK and Roche). They
are BAMCO's most direct
competitor for the Novartis
and MSD portfolios.
• Bion Pharma Group:
Specialized in oncology,
renal, and cardio
medications. They supply
both private and
government hospitals and
are a key rival in the
specialized oncology niche.
• Kipharma Ltd.: A long-
standing local distributor
with strong roots in the
private retail pharmacy
sector and growing
representation of
international
manufacturers.
BAMCO wants to supply
RMS, RMS is also
increasingly seeking its own
exclusivity rights with
manufacturers to ensure
financial sustainability.
with a focus on branded
products and biosimilars.
• Master Distribution Model:
exclusive distributorship
rights and ROFO for the
SGLT2-inhibior Brenzavvy,
which is under patent
protection until 2032, gives
it a niche in diabetic drugs.
• Innovation Poriolio: All
oncology and
immunotherapy drugs that
are being explored with MSD
and Novartis are branded,
patented drugs. If BAMCO is
able to secure exclusive
distribution rights for this, it
makes it an unmatched
player in the oncology field.
• Pharma Access Partner: If
BAMCO is able to pull off the
pharma access partnership
with Novartis, it moves them
from just being a pure-play
distributorship but a
regional representative for
pharma companies in
mabers related to
regulations and
stakeholders’ engagement.
This rep model tends to be
high margins and is a strong
relationship moat.
In summary, the compe44on
threat is high for generics while
the compe44ve edge lies in how
BAMCO is able to successfully
establish itself as niche player via
securing exclusivity on
innovative medications.
Impact and Theory of Change
Bamco seeks to address the shortage of innovative oncology drugs on the African market. As seen above,
cancer morbidity and mortality are high in Africa, surpassing HIV, malaria, and TB combined, yet global
Strictly private and confidential |For discussion only
8
distributors deem Africa as too regulatory-complex and too small of a market to build up their
operations here. Bamco’s success will enable early treatment, preventing late diagnostic and late-stage
expensive treatments that almost all African families can’t afford (and that have a low medical success
rate anyways).
The Company is yet to develop an impact framework and trackable impact metrics.
Market
Market Sizing:
The Sub-Saharan Africa pharmaceutical market is undergoing an epidemiological transition-- shifting from
infectious diseases to chronic, non-communicable diseases (NCDs) like diabetes and cancer.
o The SSA pharmaceutical market is valued at $8 Billion in 2025 and is projected to reach $13
Billion by 2030 (CAGR of 10.2%).
o It is estimated that 18.7 million people across SSA live with diabetes.
o The global cancer drug market is expected to hit $178.76 Billion in 2025. In Africa, targeted
therapies like the ones in BAMCO’s portfolio are seeing the fastest adoption as health systems
modernize.
o While currently valued at roughly $112 Million, the market is projected to grow $330 million
by 2030.
Economic Tailwinds (Rwanda):
o Increasing purchasing power is creating a population segment that demands the same high-
quality, FDA-approved innovators available in Western markets.
o Rwanda’s Community-Based Health Insurance (CBHI) covers nearly 90% of the population,
and Rwanda’s Health Sector Strategic Plan V (HSSP V) allocates up to $4.9 Billion over five
years to modernize infrastructure and establish Rwanda as a regional base for health
tourism/regional reference in high quality care.
Regulatory Tailwinds (Rwanda):
Regulatory bodies in Rwanda have moved toward international harmonization, which shortens the time-
to-market for BAMCO.
o The Rwanda FDA is currently upgrading its iRIMS (Integrated Regulatory Information
Management System) to accelerate product registration and licensing for distributors.
o The Rwanda FDA has secured WHO Maturity Level 3, which allows for Reliance Pathways. This
means that drugs already approved by the US FDA (like Brenzavvy) can be fast-tracked for
local approval.
o Rwanda is the host of the African Medicines Agency (AMA). This positioning gives BAMCO-
based products a halo effect for regional expansion, as the country becomes the regulatory
center of excellence for the continent.
o Rwanda’s MoH 2025 guidelines for international pharmaceuticals emphasize the role of Local
Technical Representatives (LTRs), a role BAMCO is perfectly positioned to fill for
multinationals like Novartis and MSD.
Strictly private and confidential |For discussion only
9
Ivory Coast Market Focus:
The Company has communicated a ship towards prioritizing Ivory Coast as its primary market (whilst not
affecting the momentum in Rwanda). Below are some of the factors that make Ivory Coast a more
compelling market:
Market Sizing:
o The Ivorian pharmaceutical market is estimated at $1.8 billion to $2 billion. This is nearly 15x
the size of the Rwandan market, offering massive scaling potential for BAMCO.
Economic Tailwinds
o The Port of Abidjan and the new Economic Industrial Zone (ZIC) facilitate easy import and
regional export to the 200M+ people in the ECOWAS bloc.
o The Ivorian government is aggressively expanding the Couverture Maladie Universelle
(CMU)—the country universal health coverage scheme. As of 2025, the CMU is moving toward
including more specialized treatments in its reimbursement packages, specifically for
cardiovascular and metabolic diseases.
o Uniquely, the private sector accounts for approximately 75% of pharmaceutical sales volume
in Ivory Coast. This aligns perfectly with BAMCO’s model of high-margin, private-clinic-led
distribution.
Regulatory Tailwinds
o The Autorité Ivoirienne de Régulation Pharmaceutique (AIRP) is becoming more independent
and efficient. Under recent 2025 guidelines, they are strengthening pharmacovigilance and
clinical trial oversight, which favors companies distributing high-end innovators like Novartis
and MSD.
o In July 2025, AIRP signed a strategic accord with its Senegalese counterpart (ARP) to
harmonize regulatory practices across the region. This reliance model means that a product
registered in Ivory Coast may face a faster path in neighboring Francophone countries.
o The Ivorian government is currently developing more robust pricing policies for essential NCD
medicines. The shift towards Value-Based Pricing rewards innovators that can prove clinical
efficacy, such as the drugs in BAMCO’s current portfolio.
Further the founders, mainly the COO, are more familiar with the Ivorian ecosystem and market, as that
was their base during their time at Roche.
Expanding to Ivory Coast allows BAMCO to be a regional Pan-African players. The combination of a large
private-pay market, an expanding national insurance scheme, and a favorable regulatory environment
makes the market favorable for the Company’s growth.
Team
Strictly private and confidential |For discussion only
10
Markus Gemuend
Co-founder, CEO
36 years’ experience of international experience in pharma. CEO, Lonza, a leading
CDMO; senior executive roles at Roche and Genentech, including Global Head of
Biologics Manufacturing, Chief Procurement Officer, and Head of SSA Roche for 5+
years based on Nigeria and Ivory Coast. Chair of an education philanthropy, M2E
Foundation, and Board Member of Malaica.
Mabeh Fang
Co-founder, COO
20 years’ experience in pharma. Served Roche in multiple roles, including Chief of
Staff in the global Oncology Division, Head of Market Access for Francophone SSA,
Head of Regulatory Compliance for SSA, and Clinical Trial Coordinator.
Jamie Freedman, MD, PhD
Co-founder, CSO
Coordinator. 20 years’ experience in pharma and biotech across 4 major pharma
and 2 biotech companies, namely Merck, GSK, AstraZeneca, Roche, Genentech,
Medimmune, resulting in 15 drug approvals and launches across therapeutic areas
including immunotherapies. Led global clinical trials including in SSA.
The founding team is currently supported by a team of 4 personnel across BD, regulatory and supply chain,
HR and finance, and Ivory Coast expansion lead.
The board is currently composed of the founding team, and board expansion is planned for 2026. Angel
investors, such as Christoph Franz who is the former chairman of Roche, and Peter Hug who is former head
of Roche EMEA, serve as advisors.
Strictly private and confidential |For discussion only
11
Financials
It’s important to note that the Company is still very early stage, having just received the Rwanda FDA
market authorization for importation of the first product late last year. The Company made the first sales
of the first batch of Brenzavvy to a national distributor called RIT. Gross margins on that were around 10%.
For the upcoming batch of Brenzavvy and Aurobindo medicines, the Company is in discussion with
Medisol, Partners in Health/Butaro Cancer Hospital, and the Military Hospital as the mostly likely clients.
Gross margins as projected in the financial model are impossible as long as the Company is an importer
reselling to other distributors. That’s why the Company has started the process of applying for a
distributorship license so it can directly sell to healthcare providers and capture a larger margin. But even
then, margins grow to 40s% and not 70%. The high margins as projected will happen if the Company is
able to secure the market access and exclusive contracts with MSD and Novartis for their innovative drugs.
Overall, the Company is currently a high-volume importer and distributor (via Eugia’s contract and later
granting of the distributorship license), and its potential to become an innovative, high-margin niche player
hinges on securing MSD and Novartis contracts. It is fair to assume that this may happen given the strong
profile of the founders.
Strictly private and confidential |For discussion only
12
Funding
The Company has so far raised $800K from angel investors. It has a high profile of angels, which includes
a former chair of Roche and a head of Roche EMEA.
Over the next 12-18 months, the Company plans to raise $500-700K
Use of funds:
• Funding and growing current operations in Rwanda to achieve break even by mid 2027
• Expanding and setting up operations in Ivory Coast in 2026, to realize first sales in Ivory Coast in
2027
• Expanding business activities in Ghana in 2026 with their partner Sirona Health to drive sales in
2027.
Exit
Strictly private and confidential |For discussion only
13
A 5 years NPV and IRR calculation based on the Company’s current financial model, $200K investment,
and a 15% discount provides a $4 million NPV and a 170% IRR. It is important to note that the Company
hasn’t had even a full year of revenue-making, is still at the stage of regulatory clearances and market
exploration, and current financial models should not be relied on for any long-term indicator.
If a Company builds a niche of innova=ve drugs, it creates an exit poten=al to a large distributor that want to enter
that niche.
Addendum:
Due Diligence Questions and Answers:
Eugia:
•
Q. Regulatory Deadlines:
Status of Marketing Authorization for each country. For Rwanda, the contract required
approval by June 16, 2026 (one year from the effective date). For the other six countries, the deadline is two
years from the filing date. -- is the company on track to meet both regulatory deadlines and the year 1 lock-in
stated in the contract (has any shipment happened yet)?
A.
Yes, we are on track. 4 products have been filed with Rwanda FDA, the other two will be
soon. The regulatory packages were sent with a big delay by Eugia, but now we have
everything. Even if we miss the June deadline, this will have no consequences, as we only
received the first final regulatory packages towards the end of Q4 last year. First products
are on order and we expect them in Rwanda in May and April via special permit from
Rwanda FDA.
•
Q. Working Capital and Cashflow:
BAMCO must pay 50% upfront and 50% before shipping. How solid is their
working capital facility? A single large order (e.g., Year 1's commitment of 282,852 packs of Capecitabine)
represents a massive cash outlay before a single unit is sold. Also, how are they planning for accounts
receivables in light of massive upfront payments?
A.
We are managing the cashflow carefully and have only ordered two batches of the first two
products we filed for approval. We will establish cash flow and get into an increasing ordering
rhythm over years 1 and 2. This is understood by Eugia. We are also in conversations with Working
Capital providers, but it remains a major issue/gap in SSA. Any help you can provide with contacts
is appreciated. After year 1 we plan to shift away from prepayments, and I will be in India in early
May for discussions with Eugia’s/Aurobindo’s top management.
•
Q. Minimum purchase orders:
Subsequent to the above, is the company on track to secure enough financing to
meet the minimum quantity requirement? Equity vs debt vs letters of credit, etc...how is their capital structure?
How much money is needed to meet the minimum purchase requirement (my estimate seems to be $5-7M)?
A.
See above, we will only order what our cash flow/financial position can sustain. We will grow into the
contractual volumes over time, in particular as we expand our business into Ivory Coast and Ghana. I
will discuss all this during the May trip in India. The major concern Eugia had in the contract
negotiations was not the contractual minimums, but that we will not have any business in Year 1. And
we will have our first business in Rwanda. The Ivory Coast government has expressed an interest to
Strictly private and confidential |For discussion only
14
enter into a long term agreement with BAMCO for those Eugia chemotherapies we have in our
portfolio. Also in Ghana there is need for those chemos in good quality and at a competitive price.
•
Q. Pipeline coverage ratio:
are there signed tenders or high confidence pending bids in place? Ideally 1.5-2x of
minimum purchase commitment.
A.
We have high confidence on upcoming signed agreements/tenders because: We are in discussions with
the Military and Butaro/PIH in Rwanda for product supply/quantities. We also got a request from RSSB
to quote for oncology medicines. Quantities are much larger than any local distributor can provide. This
gives us confidence that the first order will be sold relatively quickly. We had first discussions with
MOH in Ivory Coast and through Sirona with the MOH in Ghana. We are confident to create the
necessary demand to create enough attractive additional business for Eugia, even if we don’t hit the
minimum commitments. There is no alternative to BAMCO, no other distributor has ever been able to
open up the public market. Aurobindo/Eugia is active in SSA in other disease areas, but not in oncology.
•
Q. Cold Chain Logistics & inventory management:
Are/when will these be put in place? Who are/will be the
company’s logistics and handling services providers? Has Bamco ensured the minimum purchase requirement
won’t result in excess inventory that may expire before it’s fully sold (what are expiration dates vs time to
market– market authorization,insurance coverage, doctors familiarity with drugs)? (also 3PL costs don’t appear
in the fin model).
A.
In Rwanda we are working with Mediasol. In Ghana and Ivory Coast we are in due diligence. We are also
currently evaluating to register as distributors in the countries we are active. Inventory will be managed
carefully. Shelf life is always more than 24months. And we will only order the quantities we can sell for sure
during that period. Doctors are very familiar with those drugs, they are well established, and the backbone
cancer therapies for decades. No marketing or medical educational activities needed. The products get
delivered to airports Kigali, Accra, Abidjan, no 3PL needed.
•
Q. Quality Assurance:
Eugia Unit III has been issued with an FDA Warning Letter. What are the implications of
these to BAMCO? Reputation; reliability; potential liability spillovers; Bamco’s response to this?
A.
We follow this very closely. The inspected unit that received a warning letter was Unit III. None of our
products is produced there. Our products are produced in Eugia’s Unit 1. It just had an unannounced FDA
inspection from Feb 16-27, which resulted in only 4 observations. There are always findings in any
inspection, sometimes it ends in a 483, sometimes a warning letter, and it has happened to almost every
pharma company. Important is that the products we will receive have met all the quality and compliance
requirements under the FDA or EMA approvals. As long as Eugia has corrected all those FDA warning letter
citations with the appropriate CAPA’s, there is no negative impact. When I am at Eugia in May I will inspect
the plants where our products are being manufactured and review their quality/compliance records.
• Q, Status on Pharmacovigilance Staffing and Safety Data Exchange Agreement / generally, is there a quality
system audit, SOP for supplier qualification?
A.
Once we have a product on the market, we will staff up as necessary. Mabeh has all the knowledge and
experience to report any PV data into the Eugia quality system. Eugia is the MAH holder, and responsible for
PV. We will report any safety events to them that we will become aware of. In addition, BAMCO has its own
PV SOP and all employees are trained. We also align with the PV expectations of our partners.
•
Q. Clause 4.2 & 4.3:
Eugia’s guidelines/approval on bid prices for tenders & impact on Bamco’s pricing power
No impact, as they have no local experience, we do not believe they will ever not follow our guidance. Because if
they don’t, there is no business at all for them.
Strictly private and confidential |For discussion only
15
MSD
• Q. What is the status on this? What is the likelihood to move to a commercial agreement? May 2026 is the
exploratory deadline.
A.
We still target a signature by the end of Q2 2026. The negotiations have been put on hold by Merck because
they have decided to have one partner in Africa deal with all the partners (like BAMCO) across African
countries. That agreement with Merck and that party is being finalized. Once it is, we will negotiate with
them. Merck has made introductions already and shared all the commercial discussions we had with them.
Novartis
• Q. What is the status with Novartis?
A.
We are in advanced due diligence with Novartis for the product Kisqali, which treats about 30% of all breast
cancers. It is an innovative medicine. We are discussing being the exclusive partner in Rwanda for both the
private and public market. We are also discussing adding IC and Ghana to the partnership. Assuming we
pass the next internal due diligence approvals, and a due diligence visit, we expect a signature in Q2.
TheracosBio
• Q. Updates on shipment and commercialization of Brenzavvy
A.
We are in the process of selling the remaining quantities of the first order. We will send a second order for
product soon. Brenzavvy is now reimbursed by 3 private insurers. We have submitted to RHIA for
reimbursement and expect an answer in Q2.
Sirona Ghana
•
Q. Pricing & Tiny margins:
the sell price of $40.20 for a 30-count bottle and $120.60 for a 90-count bottle vs the
buy price in TheracosBio contract give Bamco just 3% gross margins, is this financially sustainable?
A.
This is to get the product on the market quickly with a trusted partner. Also, Theracos Bio has indicated that
they are close to approving a new manufacturer which will lower our purchase price and increase margins.
General
•
Q. Regulatory:
I note the company has market authorization for only Brenzevvy. What is the
plan/timeline/progress on other medicines?
A.
That is because Brenzavvy is until now the only approved product. Once we have other products approved
by Rwanda FDA (and in future Ghana and IC FDA), more products will be added.
•
Q. Insurance Coverage
: Is work ongoing to get the medicines added to the cover list of Rwanda Health Insurers
Association, and ultimately the Essential Medicines List
A.
Yes. We have submitted Brenzavvy for inclusion. We will do the same with other products once they are
approved and launched. One can only submit for inclusion in public health insurance and EML when the
product is available for patients.
•
Q. Cold chain:
critical necessity.
A.
Yes, and our partners have that capability. Or we will once we are registered as a distributor. I have 40
years’ experience in biologics manufacturing (leading not only Lonza, but also manufacturing all of Roche’s
biologics products, and Mabeh has extensive experience in quality and compliance.
•
Q. Working Capital:
critical necessity.
A.
See above comments. And yes, is a necessity for Eugia and Brenzavvy, our deals with big pharma companies
are different. They will sell directly to governments and carry the payment risk. BAMCO will receive service
Strictly private and confidential |For discussion only
16
fees and royalties (% of revenue or profit generated). This latter one is our main business model with big
pharma. Over time, Eugia/Chemotherapy drugs will be smaller compared to our overall business and
working capital will be very manageable.
•
Q. Gross margins:
financial projections assume gross margins in the range of 65 to 77% between 2026 and
2030, but these are not supported by client contracts, for example, the spread between Brenzevvy buy and sell
price being just 3% and Eugia’s approval on bid prices.
A.
Brenzavvy is a type 2diabetes drug, for a chronic disease. Prices in that segment of cardio metabolic drugs
are much lower, and margins smaller than in oncology. However, with the rise in diabetes, and the nature of
it being a chronic disease (lifelong treatment), this drug could become a significant product (cash cow) over
the next 5+ years. Oncology products outside of the cheaper established chemotherapies from Eugia, are
differently priced. And we will not purchase those innovative medicines. But rather realize our revenue with
service fees preapproval and then royalties on final revenue post launch, keeping our business model asset
and working capital light.
A final note: We are in advanced discussions with Celltrion, a leading CDMO, to market some of their biosimilar
products in Rwanda, Ghana and Ivory Coast. I can provide more detail in our call.
Strictly private and confidential |For discussion only
17
Due Diligence Questionnaire
BAMCO Africa Inc (“BAMCO”)
Note to the organization
:
This questionnaire and the information contained within are for discussion only and will be for the exclusive use of
Madiro and BAMCO. No part of this document will be copied, photocopied or duplicated in any form by any means,
or redistributed without the prior written consent of Madiro and BAMCO Information contained in this document is
not all-inclusive, and no one other than Madiro should use this information or place any reliance on this document
for any purpose.
Guide to completing the questionnaire:
● Complete all sections that are applicable to your organization at this stage.
● If an answer to a question has already been addressed in your supporting documentation, please indicate
where it can be found in the Dropbox data room.
● Do answer this questionnaire as completely and in as much detail as possible.
Summary
Information on the organization
Summary of organization BAMCO is a pharma access partner providing innovative NCD (non-
communicable disease) treatments to patients in Sub Saharan African
(SSA) countries in a sustainable and profitable way. BAMCO saves lives and
improves quality of lives, directly contributing to the local socio-economic
development.
BAMCO not only provides access to much needed life-saving treatments,
we are also the trusted partner locally to key stakeholders strengthening
the overall health system. We are unique in our ability to provide a strong
business case and additional business to pharma, having the necessary
experiences, skills and connections. While locally delivering access and
reimbursement to the new innovative treatment in both the public and
private sectors with innovative access solutions.
This business model will deliver top and bottom-line return which we will
re-invest to expand into more countries and offering more expertise like
local clinical trial management to start creating SSA population data. We
aim to provide access to treatments as early as possible following approval
by US FDA or EMA.
Headquarters 369 King Road, Petaluma, CA 94952, USA
Type of innovation, technology or
social enterprise
We have a very innovative approach, as we connect pharma
products/pipelines directly with markets/governments/patients in SSA
countries. Quality, affordability, reliability, elimination of local mark-ups,
and reimbursement in the public and private sector will lead to patients
getting access when they need it. We are, to our best knowledge, the only
company having the necessary skills and experiences and with local staff,
Strictly private and confidential |For discussion only
18
focused primarily to provide reimbursable sustainable access in the public
sector where 95% of all patients get treatment.
We are developing a tech platform to capture our impact on patients, in
particular for local payers to demonstrate the value BAMCO brings beyond
the products. The tech platform will also allow pharma partners to track
their products and ensure product is always consumed locally and
replenished when required.
Information on geography
Country(ies) of registration US (Delaware and California), UK and Rwanda
Current country/region/city of
operation
Rwanda/Kigali
Planned country/region/city for
expansion
Other countries in SSA. Ivory Coast/Abidjan, Ghana/Accra, Kenya/Nairobi,
Tanzania/Dar, Senegal/Dakar and Nigeria/Lagos
What is your approach towards
localizing day-to-day operations
and decision making on the
continent?
[For organizations based outside of Africa]
Information on finance & funding
Total funding raised / available and
source of funding (personal,
friends, family, angels, investors)
We have raised USD 800k in 2024/25 from angels (see Carta investors
information in the data room).
We currently have USD 200k remaining.
Funding requirements (12-18
months)
Funding needs for next 12-18 months: USD 500-750k.
Use of the funding required Funding current operations in Rwanda, and growing it, to achieve break
even by mid 2027
Expanding and setting up operations in Ivory Coast in 2026, to realize first
sales in Ivory Coast in 2027
Expanding business activities in Ghana in 2026 with our partners Sirona
Health to drive sales in 2027.
Human Resources
Information on the organization
Company headcount by
location/function/department
Total HC 7:
• 1 HC in the US: co-founder Jamie Freedman (CMO).
• 4 HC in Rwanda: co-founder Mabeh Fang (COO/country director),
1 Business Development/Access, 1 Regulatory/Supply Chain, 1
HR/Finance
• 2 HC in the UK: co-founder Markus Gemuend (CEO) and 1
regulatory/business focused on Ghana, Ivory Coast and Nigeria
Headcount growth over time See business/cash flow plan
Strictly private and confidential |For discussion only
19
Board makeup (highlight relevant
skillsets)
Markus Gemuend (Pharma Industry Experience including CEO, COO,
procurement roles and relevant Africa experience)
Jamie Freedman (Oncologist, CMO at multiple Pharma companies, Country
head Canada)
Mabeh Fang (Pharma experience Development, Regulatory, Compliance,
Quality, Access, more than 8 years in SSA countries)
See pitch deck overview, and check us out on LinkedIn.
We will expand the board and include external board members in 2026.
Advisors (highlight relevant
skillsets)
Our angel investors serve as advisors, e.g. Christoph Franz, former
Chairman Roche and Peter Hug, former head Europe, Development and
EMEA for Roche. We are in the process of forming a board including
external board members, as first institutional investors join and we are
looking for both board and advisory experience in 2026.
Diversity makeup of the team We are a diverse team. Mabeh, running operations, is from Cameroon, all
HC in Rwanda is local and the one in the UK she is Nigerian. Markus and
Jamie are Caucasian with lots of international experience and exposure.
Overall we are 4 females and 3 males.
Management team
Only include team members with key management functions. Include as many as you need.
Team member 1: Mabeh Fang
Role Co-Founder and Chief Operating Officer
Tenure Since July 2024
Full time/part
time/contractor/other
Full time
Highlight relevant experience and
background
See pitch deck
Team member 2: Jamie Freedman
Role Co-Founder and Chief Medical Officer
Tenure Since founding in November 2023
Full time/part
time/contractor/other
Part time
Highlight relevant experience and
background
See pitch deck
Team member 3: Markus Gemuend
Role
Co-founder and CEO
Tenure Since founding in November 2023
Full time/part
time/contractor/other
Full time
Highlight relevant experience and
background
See pitch deck for overview, happy to send full CV of all of us
Strictly private and confidential |For discussion only
20
The problem
● What is the problem you are trying to solve? How severe is the problem? What are the adverse effects of
this problem not being solved? See pitch deck, the problem is severe. More people die of e.g. of cancer
than of HIV, malaria and TB combined in SSA. 80% of the growth in NCD deaths by 2030 will be in LMICs,
mainly in SSA countries.
● How many people are affected by the targeted health issue each year in the region where you operate (or
plan to operate)? What are the consequences for these people?
In SSA 850,000 new cancer cases per year,
with 560,000 deaths, and 1.8m prevalent cases (Globocan 2022 data). These are only the officially captured
cases. The number is probably by multiples higher. Besides cancer we focus on diabetes type 2 initially in the
cardio-metabolic disease areas. The prevalence in SSA is 5.5% of people between 40-60y, about 20-30
million and rising rapidly (The Lancet, March 2025)
● How do these health issues affect low-income people compared with middle and high-income people in
East Africa? Is it more prevalent in certain demographics than others?
Cancer is indiscriminate. Diabetes
depends a lot on life style but also genetics. Low-income people are mostly affected as they do not have the
awareness/information and access to the health system and necessary treatments. This is where BAMCO
will intervene and provide access mainly to the low and lower middle income populations in both East and
West African Countries.
The solution
● Describe the solution/product/service you have developed/are in the process of developing. Outline the
key features and benefits of the solution from the perspective of the user described above.
We understand
the needs locally, the market, the health system, and engage locally with the key stakeholders. We then
partner with pharma companies to negotiate agreements for the medicines that will make the biggest
difference locally in cancer and diabetes. We focus on the most prevalent cancers first:
Cervical/breast/ovarian/prostate/colorectal/liver. Women’s cancers/womans health is a key focus area.
● What are the drawbacks of the solution from a user perspective when compared with existing alternatives?
For patients in the public sector there is no alternative today. Innovative, standard of care, medicines are
out of reach for them. The best they can hope for is chemotherapy drugs, but even those are often not
available, fake or too expensive. We offer what a pharma company would offer locally: regulatory, medical,
access/reimbursement, stakeholder engagement along patient journeys, engaging with patient associations
etc. If pharma companies make some of their products available to patients in SSA, it is only for the small (1-
5%) private sectors leve...
