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Adcock buys Indian medicine business

Jul 10 2012 08:23
Reuters

Company Data

ADCOCK INGRAM HOLDINGS LIMITED [JSE:AIP]

Last traded 64
Change 1
% Change 1
Cumulative volume 31517
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

ASPEN PHARMACARE HOLDINGS LIMITED [JSE:APN]

Last traded 272
Change -1
% Change 0
Cumulative volume 497898
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - South Africa’s No.2 drugs maker Adcock Ingram Holdings [JSE:AIP] has agreed to pay $86m for Indian medicines business Cosme Farma, it said on Tuesday, bulking up its presence in the high-growth $16bn market.

Under the deal Adcock, which already has a small manufacturing operation in the Asian country, would pay 90% of the purchase price up front and in cash and the remainder would be paid after six months.

Goa-based Cosme Farma distributes products in several therapeutic classes such as gynecology, gastro-intestinal, dermatology and orthopedic.

Adcock has been dwarfed by larger rival Aspen Pharmacare Holdings [JSE:APN], which has made an aggressive push into overseas markets in recent years.

 
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