Ayala Healthcare Holdings Inc. (AC Health), a unit of the Zobels' Ayala Corporation, reported that it has acquired a significant minority stake in North Luzon-based pharmaceutical company, St. Joseph Drug (Joleco Resources Inc.).
In a disclosure to the Philippine Stock Exchange (PSE), Ayala said the definitive agreements were signed between St. Joseph Drug and AC Health’s pharmaceutical arm, AHCHI Pharma Ventures Inc. (APV) but did not disclose the price or the size of the stake acquired.
Established in 1958 by pharmacist Jose Cruz and his wife Leila Lagman from Dagupan City, St. Joseph Drug has grown from a modest provincial drugstore with three employees and a 3.5-meter storefront into a leading regional pharmaceutical chain spanning over 112 stores across Northern Luzon.
"The addition of St. Joseph Drug to our portfolio is in line with our commitment to enhance accessibility and affordability of healthcare for Filipinos nationwide,” said AC Health President and CEO Paolo Borromeo.
He noted that, “St. Joseph Drug, alongside our existing retail pharma brand, Generika Drugstore, will expand our capacity and footprint to distribute quality and affordable medicine to our countrymen.”
“Together with our pharma importation businesses IE Medica and MedEthix, we will greatly enhance synergies and efficiencies within our pharmacy platform to further improve our products and services throughout our AC Health network,” Borromeo added.
St. Joseph Drug , Chairman, President and CEO Ma. Socorro Dorotea L. Cruz also expressed enthusiasm about the partnership.
"This partnership with AC Health marks a significant milestone in St. Joseph Drug’s journey. We are proud to have established St. Joseph Drug as a household name in Northern Luzon over the years, and we look forward to broadening our reach with AC Health,” she said.
AHCHI Pharma Ventures Inc. (APV) serves as the holding company for AC Health's pharmaceutical businesses. Composed of Generika Drugstore, the pioneer in generic retail pharmacies, and I.E. Medica and MedEthix, its pharma importation and distribution arms, APV now includes St. Joseph Drug.
This strategic acquisition enables AC Health to strengthen its pharma footprint and reach more Filipinos throughout the country.