SA Druggists of South Africa has made a 100% acquisition of the Italian pharmaceutical technology company Pharmatec International. The purchase price was 135 million rand ($31 million) and this will be settled by an issue of vendor shares.
Pharmatec specializes in developing pharmaceuticals in oral dosage forms with controlled-release of the active ingredient, in-licensing the products for marketing by client companies. The company will continue to undertake third-party contract development projects for multinational companies.
Peter Beningfield, SAD's chief executive, said that Pharmatec technology would increase the potential of new technologies currently being developed by SAD, and create exciting prospects for developing innovative products for international distribution. It would also improve its cost-effectiveness and facilitate the differentiation of its range of generic medicines, he said. The deal is another step towards SAD's internationalization and should have a positive effect on this year's results.
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