Ayala group buys 50% of drugstore chain Generika
THE AYALA group has entered the affordable pharmaceutical retailing business with the acquisition of a 50 percent stake in the Generika group, one of the pioneers in the distribution of quality generic medicines.
Ayala Healthcare Holdings Inc., a wholly owned subsidiary of Ayala Corporation, signed agreements on Thursday to buy a 50 percent stake in the Generika group – which has a 500-store drugstore network nationwide – from the family of Julien Bello.
Generika co-founder Teodoro Ferrer and his group will continue to hold the remaining 50 percent ownership in Generika and continue to serve as the president and chief executive officer of the group.
“We are excited to be part of Generika and help address the gaps in affordable retail healthcare. We believe this is an excellent platform for Ayala to reinvent the space and serve as foundation for our emerging healthcare portfolio,” Ayala president and chief operating officer Fernando Zobel de Ayala said in a statement on Thursday morning.
“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,” Zobel added.
“On behalf of Generika, we wholeheartedly welcome the entry of Ayala Healthcare. We are 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.
The Ayala group started its footprint in the healthcare sector in 2014 through QualiMed, Ayala Land Inc.’s chain of hospitals and satellite clinics, in partnership with the Mercado medical group.
Mabuhay Capital served as financial advisor to the group of Bello in its transaction with Ayala Healthcare.
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