Africa’s largest drug company, Aspen Pharmacare, has written down the value of a heartburn medicine it sells primarily in Australia by R719m after it was recalled due to possible cancer risks.

The company’s full-year results to end-June have been restated on a “worst-case basis” after Australian regulators ordered the recall of all products containing ranitidine, which contains a by-product that may pose a low carcinogenic risk from long-time exposure...

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