The country’s oldest business house Ayala Corp. has cemented its control of the Generika group of companies, a pioneer in the retail distribution of generic medicines, by closing the deal to hike its interest to 52.5 percent.
Healthcare arm AC Health raised its stake in each of the Generika Group member firms—Actimed Inc., Novelis Solutions Inc., Pharm Gen Ventures Corp. and Erikagen Inc.—to 52.5 percent from 50 percent, Ayala Corp. disclosed to the Philippine Stock Exchange.
The increase in stake was executed by subscribing to new shares, in turn raising fresh funds for Generika’s operations and store rollout.
With over 800 stores, Generika is the third largest player in retail pharmacy in the country by number of stores.
One of the conditions required to close the deal was getting approval from the country’s antitrust agency Philippine Competition Commission.
AC Health first bought into Generika group in 2015, gaining a foothold in the affordable pharmaceutical retailing business.
The Ayala group bought the 50-percent stake from the family of Julien Bello while Generika co-founder Teodoro Ferrer and his group kept the remaining interest. This is in line with the group’s venture into “soft infrastructure.”
In 2014, property arm Ayala Land set up QualiMed, a chain of hospitals and satellite clinics, in partnership with the Mercado medical group. In 2016, AC Health established Family Doc, a chain of community-based primary care clinics offering the combined services of a clinic, a diagnostic facility and a pharmacy under one roof.
Last year, AC Health also invested in homegrown tech start-up AIDE, which allows patients to book doctors, nurses and other medical professionals. Services include medical consultations, nursing care, physical therapy, caregiving and veterinary care.
Most recently, the Ayala group unveiled plans to invest P2 billion in what would be the country’s first comprehensive cancer specialty hospital envisioned to provide high-quality cancer treatment at affordable prices.