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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 51.80
Change 0.2
% Change 0.00
Cumulative volume 6722
Market cap 9.10bn

Last Updated: 01/09/2014 at 09:16. Prices are delayed by 15 minutes. Source: McGregor BFA

ASPEN PHARMACARE HOLDINGS LIMITED [JSE:APN]

Last traded 305.82
Change 0.17
% Change 0.00
Cumulative volume 10463
Market cap 139.56bn

Last Updated: 01/09/2014 at 09:15. 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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