The state-owned has raised its holding to 22.373%, said in a regulatory filing on Tuesday. The fund previously owned around 19% of 's second-largest drugs company.
-based CFR Pharmaceuticals has bid R12.8bn in cash and shares for , an offer that requires approval from shareholders holding 75% of .
The deal is almost certain to fail given the combined opposition from the PIC - which has said it does not want CFR shares - and local firm Bidvest, which has built up its stake to around 7%.
Looking to derail the CFR deal, Bidvest has gone straight to shareholders with an all-cash bid for more than a third of the company.
Shareholders are due to vote on the deal some time next month.
Shares of were down 1% at R71.01, closer to Bidvest's offer price of R70 than CFR's offer of R74.50.