Ayala Corp acquires 50% stake in Generika drugstore chain
MANILA, Philippines – Conglomerate Ayala Corporation expands its footprint in the health care industry by acquiring 50% stake in Generika, a pharmaceutical chain.
Ayala said in a statement Thursday, July 16, that its wholly-owned subsidiary Ayala Healthcare Holdings Incorporated has purchased a 50% stake from the family of Julien Bello. The undisclosed value of the acquisition is less than 10% of Ayala Corporation’s book value.
Generika, which started operations in 2003, currently has 500 stores and is one of the pioneers in the retail distribution of quality generic medicines in the country.
In a statement, Ayala president and chief operating officer Fernando Zobel de Ayala said the conglomerate is excited to be part of Generika and help address the gaps in affordable retail health care.
“We believe this is an excellent platform for Ayala to reinvent the space and serve as foundation for our emerging healthcare portfolio,” he said.
Ayala Corporation started its footprint in the health care sector in 2014 through QualiMed, Ayala Land Incorporated’s chain of hospitals and satellite clinics, in partnership with the Mercado medical group. The group plans to put up 10 new hospitals offering 1,000 beds and 10 clinics over the next 5 years.
The conglomerate is one of the country’s largest, with investments in banking, infrastructure, power generation, real estate, telecommunications, and water utility.
“With the combined strengths and management capabilities of Ayala and Generika, we believe we can raise the level of efficiency and accessibility of this platform to better serve Filipino families by providing a wide range of quality medicines at affordable prices,” Ayala added.
Generika co-founder Teodoro Ferrer and his group will continue to hold the remaining 50% ownership in the drugstore chain. Ferrer shall also continue to serve as the president and chief executive officer of the group.
“On behalf of Generika, we wholeheartedly welcome the entry of Ayala Healthcare. We’re especially excited by the enhanced capability to have a meaningful impact on the health and lives of many more communities all over the country,” Ferrer said.
Based on Generika’s website, Ferrer worked with the Ayala group for more than 30 years before partnering with Bello to venture into retail health care space.
Mabuhay Capital served as financial adviser to Bello’s group in its transaction with Ayala Healthcare. – Rappler.com