Adcock ingram
South Africa may ask pharma firms for fee to clear drug review backlog
Delays for hundreds of medicines have kept the latest treatments off South African shelves and hampered the fight against cancer, heart and other diseases.
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.
Bidvest CE Brian Joffe has been trying to take control of Adcock since 2013.
Adcock is trailing rivals such as Aspen Pharmacare as it grapples with slowing sales.
Shares in the nation’s second-biggest drug maker fell 2.7 percent to R57.53 on Wednesday.
The Bidvest head looks set to block a massive buyout deal by Chile’s CFR Pharmaceuticals.
The local drugmaker company says its Chilean buyer will have to wait for regulatory approval.
Minority shareholders PIC and Bidvest are likely to block a takeover bid by CFR Pharmaceuticals.
SA's second-largest drug company said Bidvest had not clearly articulated the benefits of its offer.
The company’s largest shareholder the Public Investment Corporation is opposed to the deal.
The South African pharmaceuticals company has confirmed it is considering a major deal with CFR.