Ayala Corp. has acquired a stake in North Luzon-based pharmaceutical company St. Joseph Drug (Joleco Resources Inc.).
Ayala unit Ayala Healthcare Holdings Inc. (AC Health) through another unit AHCHI Pharma Ventures Inc. (APV) made the acquisition.
APV serves as the holding company for AC Health’s pharmaceutical businesses that is now composed of Generika Drugstore, and I.E. Medica and MedEthix.
“This strategic acquisition enables AC Health to strengthen its pharma footprint and reach more Filipinos throughout the country,” the group said in a statement.
Established in 1958 in 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. 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,” said Paolo Borromeo, AC Health chief executive officer (CEO).
Ma. Socorro Dorotea Cruz, St. Joseph Drug CEO, said the 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,” Cruz said.
