Ayala snaps up drug store stake
The Philippines retail and property conglomerate Ayala Group has bought a 50 per cent interest in local franchised healthcare chain Generika Drugstore.
Ayala’s subsidiary Ayala Healthcare Holdings completed the deal, acquiring the stake from the family of Julien Bello.
The chain has more than 500 stores across the Philippines. Co-founder Teodoro Ferrer, and the Bello family, will retain the other 50 per cent and Ferrer retains his role as president and CEO.
Ferrer left Ayala’s employ in 2003 after more than 30 years for create Generika, which specialises in generic medicines for Filipinos unable to afford branded drugs.
In a statement, Ayala president and COO Fernando Zobel de Ayala said the company was looking forward to furthering Generika’s goal of closing the gaps in affordable retail healthcare in the Philippines.
“We believe this is an excellent platform for Ayala to reinvent the space and it will serve as foundation for our emerging healthcare portfolio,” he said. “
With the combined strengths and management capabilities of Ayala and Generika, we believe we can raise the level of efficiency and accessibility of this platform to better serve Filipino families by providing a wide range of quality medicines at affordable prices.”
Ayala will add the new business venture to a growing portfolio of companies in the healthcare arena. Last year it bought QualiMed, the Ayala Land subsidiary’s chain of hospitals and medical clinics, in partnership with the Mercado medical group.