Adcock Ingram closes Indian acquisition; Simcere sheds Shanghai Celgen stake

South Africa’s largest health care company Adcock Ingram (AIP: SJ) has announced the completion of the acquisition of Cosme Farma Laboratories, a pan-Indian pharmaceutical company based in Goa, India for 745 million rupees ($12.7 million). The deal was announced last summer (The Pharma Letter July 10, 2012) and is aimed at expanding the company’s presence in the high-growth $16 billion Indian pharmaceutical market.

“We are pleased to have concluded the purchase of the business and we look forward to developing a solid business in India, as a part of our international revenue streams,” said Andy Hall, deputy chief executive and financial director at Adcock Ingram.

As a part of the company’s growth strategy in new territories and emerging markets, Adcock Ingram made the move to buy the Indian company late 2012, and completed the transaction with all the conditions precedent being fulfilled. Adcock Ingram will now assimilate over 1,000 formerly Cosme employees, and will look to build a growth base in the country.