Philab acquires majority stake in pharma firm.
MANILA, Philippines Philab Holdings Corp., a listed healthcare company, is acquiring 67 percent of local pharmaceutical firm Sydenham Laboratories Inc.
(SLI). Philab Holdings chairman and president Tom Navasero said the acquisition of Sydenham would allow Philab to expand the services it offers.
"SLI's specialty in manufacturing pharmaceutical products will enhance our product services, especially in providing universal healthcare for the Filipinos and expanding the generics line," Navasero said. After the merger, Philab will launch a program in support of precision medicine that would enable both companies to maximize their synergies and grow even bigger in the field of healthcare.
Under the program, both companies would develop a new area of Pharmacogenomics the study of how genes affect a person's response to drugs. "The future of pharmaceuticals will be personalized through your genetic make-up.
It is the goal of Philab Holdings through the acquisition of Sydenham Lab to lead in precision medicine and pharmacogenomics in Asia," Navasero said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 More importantly, he is confident the merger would also pave the way for an even more competitive line of generic drugs in the Philippine market, a lower price alternative.
SLI is a manufacturer of hormone based drugs and specializes in oral drug preparation in dosage forms such as tablet, capsule, syrup and powder for suspension. It has a long line of drugs, with having over 300 certificates of product registration.
Their line of business also includes production of food additives utilized for its added nutritional benefit and served in rural schools for less fortunate children. SLI also offers a variety products focused on the central nervous system, endocrine system, cardiovascular system, and several medicines to cater the needs of its consumers.
"We are confident that the joint efforts of SLI and Philab will bolster a more competitive quality of medical products in the Philippine healthcare market," said Nina Atienza, SLI finance and administrative director. "This collaboration will enhance the quality of our product array by delivering more options to the community," she added.
Philab also announced that the board of directors approved and authorized the issuance of 100 million common shares of the unissued authorized capital stock of DNA at P2.50 per share or an aggregate subscription price of P250 million Epitrek Ventures Ltd. The company will use the proceeds to fund growth, expansion plans and healthcare related acquisitions.
Philab will focus on rolling out technology that will advance affordable primary healthcare, diagnostics and genetics facilities in rural areas.
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|Publication:||Philippines Star (Manila, Philippines)|
|Date:||Dec 11, 2017|
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