Ascendis Health, which has seen two surprise board shake-ups in less than six months, now also has new lenders for a second time during the period, after it was offered better terms by SA’s biggest wholly black-owned pharmaceutical group Austell, which is interested in its range of therapeutic drugs.

Austell has advanced R590m to Ascendis to replace an existing R550m facility, the healthcare firm announced on Tuesday, while also giving it almost five months extra breathing room to conclude asset sales and avoid business rescue...

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