Ayala Healthcare Holdings Inc. (AC Health) of the Ayala Group said Tuesday it completed the acquisition of a 49-percent stake in North Luzon-based pharmaceutical company St. Joseph Drug.
AC Health said in a statement the acquisition was completed after the deal was approved by the Philippine Competition Commission.
“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,” said AC Health president and chief executive Paolo Borromeo.
“We eagerly anticipate growing the network and further integrating St. Joseph Drug with AC Health” Borromeo said.
AC Health and Joleco Resources Inc., operator of St Joseph Drug, signed definitive agreements to acquire a significant minority stake in the pharmaceutical firm on Dec. 15 last year.
