Ayala Healthcare Holdings, Inc., the Ayala Group’s healthcare arm, has acquired a significant minority stake in North Luzon-based pharmaceutical company, St. Joseph Drug (Joleco Resources, Inc.), extending its pharmaceutical capacity and footprint.
The agreements were signed on December 15 between St. Joseph Drug and AC Health’s pharmaceutical arm, AHCHI Pharma Ventures Inc. Financial details of the deal weren’t disclosed.
Established in 1958, 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, President and CEO of AC Health.
Ma. Socorro Dorotea Cruz, chairman, president, and chief executive officer of St. Joseph Drug, also expressed enthusiasm about the partnership, characterizing it as the next chapter of the company’s growth.
“This 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,” she said.
AHCHI Pharma holds AC Health’s pharmaceutical businesses that includes generic drugs distributor Generika Drugstore, and I.E. Medica and MedEthix, its pharma importation and distribution arms.
