Adcock Ingram buys Indian pharmaceutical company
Adcock Ingram on Friday, 18 January 2013, announced the completion of the acquisition of Cosme Farma Laboratories Limited, a pan-Indian pharmaceutical company based in Goa, India for R745 million.
"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 Andy Hall, Deputy Chief Executive and Financial Director at Adcock Ingram.
As a part of the company's growth strategy in new territories and emerging markets, Adcock Ingram made the move to buy the Indian company late 2012, and completed the transaction with all the conditions precedent being fulfilled. Adcock Ingram will now assimilate over 1000 formerly Cosme employees, and will look to build a growth base in the country.
