MANILA, Philippines — Ayala Healthcare Holdings Inc. (AC Health) further fortified its portfolio with the completion of its investment in North Luzon-based pharmaceutical firm St. Joseph Drug.
AC Health has sealed the acquisition with Joleco Resources Inc., operator of St. Joseph Drug, following the approval by the Philippine Competition Commission of the transaction.
The definitive agreements on the acquisition were signed last December.
The strategic acquisition allows AC Health to strengthen its pharmaceutical footprint and reach more Filipinos throughout the country.
“Our investment in St. Joseph Drug highlights AC Health’s dedication to expanding healthcare accessibility. Integrating St. Joseph Drug into the AC Health ecosystem will streamline our pharmacy network, enhancing access to affordable and quality medicines,” AC Health president and CEO Paolo Borromeo said.
Borromeo said they are eagerly anticipating growing the network and further integrating St. Joseph Drug with AC Health.
St. Joseph Drug, which was established in 1958, has expanded from a modest provincial drugstore with three employees and a 3.5-meter storefront into a leading regional pharmaceutical chain spanning over 112 stores across Northern Luzon.
Gigi Cruz, St. Joseph Drug chairman, president and CEO, expressed their excitement to become part of AC Health’s larger healthcare ecosystem and join in its mission in “improving healthcare for all.”
AHCHI Pharma Ventures Inc. serves as the holding company for AC Health’s pharmaceutical businesses.
Reuters has recently reported that Ayala Corp. is exploring the possibility of selling a minority stake in AC Health to strategic investors or partners in order to help further expand the business.
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