Adcock completes R745m acquisitionComment on this story
Adcock Ingram had completed the acquisition of Cosme Farma Laboratories and had its eyes set firmly on building a growth base in India, it said on Friday.
Adcock made the move to buy the pan-Indian pharmaceutical company for R707 million late last year.
But the purchase price had increased to R745m at the completion of the transaction due to last year’s 5.3 percent depreciation in the exchange rate of the rand against the Indian rupee between July 10 and December 21.
Cosme is a mid-sized sales and marketing pharmaceutical firm with a portfolio of 55 products in various therapeutic classes including the gynaecology, gastro-intestinal, dermatology and orthopaedic categories.
The Goa-based company is ranked 55th out of 5 000 registered pharmaceutical companies in India and has distribution capabilities in 27 Indian states.
“We look forward to developing a solid business in India, as a part of our international revenue streams,” Adcock Ingram deputy chief executive Andy Hall said on Friday. – Londiwe Buthelezi