Johannesburg - Adcock Ingram Holdings [JSE:AIP]
has announced the completion of the acquisition of Cosme Farma Laboratories Limited, a pharmaceutical company based in Goa, India for R745m.
“We are pleased to have concluded the purchase of the business and we look forward to developing a solid business in India, as a part of our international revenue streams,” said Adcock Ingram deputy chief executive Andy Hall.
The company made the move to buy Comse in late 2012 as a part of Adcock Ingram’s growth strategy in new territories and emerging markets.
The company fulfilled all the conditions that were set out in the deal.
Adcock Ingram will now assimilate over 1 000 former Cosme employees, and will look to build a growth base in India.
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