Natco Pharma to acquire stake in South African firm Adcock Ingram for ₹2,000 crore
The proposal to acquire the stake from minority shareholders in an all cash deal is a strategic investment aimed at to expanding geographic footprint in South Africa, Natco said on Wednesday. Founded in 1890, AIHL has a diverse product portfolio, from generic and branded formulations, critical-care hospital products to consumer and home-care products. It operates across four segments -prescription, consumer, OTC and hospitals.
The acquisition is expected to be completed by 2025. Post-acquisition, AIHL will continue to operate as a private South African business with Bidvest holding 64.25% and Natco 35.75%, including a prior held 0.80% stake, in the company. Post-transaction, Natco will consolidate 35.75% of AIHL net profits in its financial results. AIHL clocked revenue of $536 million in the financial year June 2024 and profit after tax of $45 million.
'Adcock Ingram is a respectable pharmaceutical company with well-recognised brands and products and maintains a leading position in the South African pharmaceutical market. The proposed transaction will provide Natco Pharma with a well-established entry into the Southern African market. It will also allow us to tap into new revenue streams and expand our footprint in one of the largest and growing emerging markets, while providing a gateway to the African continent,' CEO and Vice-Chairman Rajeev Nannapaneni said.
Besides the acquisition, Natco Pharma Board also approved a proposal to incorporate a wholly owned subsidiary in South Africa with an investment of up to Rs.2,100 crore by this year to enter new geographies for growth and increased profitability. It also approved a proposal to liquidate wholly owned subsidiary Time Cap Overseas (TCOL), and directly hold the investment in step down subsidiary NatcoFarma do Brasil.
Natco shares closed 2.01% higher at ₹1,034.75 apiece on the BSE.
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