Ayala Healthcare Holdings Inc. (AC Health) has successfully completed its investment in St. Joseph Drug, officially adding the North Luzon-based pharmaceutical company to its healthcare portfolio.
The definitive agreements were signed on Dec. 15, 2023.
Following the approval by the Philippine Competition Commission of the transaction, Paolo Borromeo and Yet Abarca of AC Health’s pharmaceutical arm, AHCHI Pharma Ventures Inc. (APV), and Ma. Socorro Dorotea Cruz and Marilene Cruz-Bernal of Joleco Resources Inc., operator of St. Joseph Drug led the formal closing ceremonies on July 18, 2024 in Makati City.
Established in 1958 by pharmacist Jose “Pepe” 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.
“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, Borromeo said.
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.
