South African pharmaceutical company Adcock Ingram has completed the acquisition of Indian healthcare firm Cosme Farma Laboratories Limited for R745-million, the organisation announced last week.
"We look forward to developing a solid business in India as part of our international revenue streams," Adcock Ingram's deputy chief executive and financial director, Andy Hall, said in a statement.
The acquisition forms part of the firm's growth strategy into new territories, particularly emerging economies.
"[It] looks forward to pursuing organic growth opportunities and acquisitions in selected markets, developing exportable competencies," the company said.
From its beginnings 120 years ago as the EJ Adcock Pharmacy in Krugersdorp, west of Johannesburg, the company has grown to a market capitalisation of approximately R9-billion and occupying a 10% share of the private pharmaceutical industry in South Africa.
It is also listed on the Johannesburg Stock Exchange.
"Adcock Ingram made the move to buy the Indian company in late 2012, and completed the transaction with all the conditions precedent being fulfilled," the firm said.
"Adcock Ingram will now assimilate over 1 000 former Cosme employees, and will look to build a growth base in the country."
Cosme Farma is a healthcare company based in Goa, and was started as a small retail pharmacy known as the Cosme Matias Menezes Group (CMM) in 1910.
It has since become a conglomerate with international collaborations and strategic alliances with eight multinational companies and a global presence in 20 countries.