JOHANNESBURG – South African drugmaker Adcock Ingram will buy contact lenses, surgical and skincare products supplier Genop Holdings, it said on Tuesday, a deal that gives it a company with 400 million rand ($31 million) in annual sales.
Adcock did not disclose the financial details of the deal, which forms part of the strategy to cut its reliance on prescription drugs, whose prices are regulated.
Genop specializes in surgical and pharmaceutical products in the ophthalmic, optometry, skincare, aesthetic and plastic surgery sectors in southern Africa.
Genop and its Epi-max branded skincare range of consumer products, has potential for further line extensions and diversification, said Adcock in statement.
The acquisition remains subject to regulatory approvals.
($1 = 12.9572 rand) (Reuters)