Laurus Labs to acquire South Africa’s Aspen Pharmacare subsidiary

Laurus Labs , a research and development driven pharmaceutical company, has agreed to acquire 100% shares of Phekolong Pharmaceuticals Pty Ltd, a wholly owned subsidiary company of Pharmacare Ltd. t/a Aspen Pharmacare, South Africa.

The acquisition will be subject to completion of conditions precedent, by way of cash consideration of ZAR 75,000 (Seventy-five thousand South African Rands). The acquisition is expected to be completed by end of November, 2019.

At the conclusion of the transaction, all residual assets and liabilities that are within the target company will be transferred from the target company to Pharmacare Limited immediately prior to completion.

This transaction will provide the Hyderabad based Laurus Labs access to the South African public antiretroviral (“ARV”) sector, which manages the world’s largest public ARV programme, according to a press release.

While Aspen will continue to manufacture the finished dose form ARV’s for the South African public sector, the distribution to this sector will be through the Company’s newly acquired South African subsidiary.