Laurus Labs to acquire Aspen Pharmacare’s subsidiary company

Laurus Labs has agreed to acquired 100 per cent shares of Phekolong Pharmaceuticals, a wholly owned subsidiary company of Pharmacare, Aspen Pharmacare, South Africa, the company announced in a press release. The acquisition is expected to be completed by end of November, 2019.

According to the press release, at the conclusion of the transaction, all residual assets and liabilities that are within the target company immediately prior to completion will be for Pharmacare’s account and accordingly all such assets and liabilities will be transferred from the target company to Pharmacare immediately prior to completion.

This transaction will provide to the company access to the South African public antiretroviral (ARV) sector, which manages the world’s largest public ARV programme. While Aspen will continue to manufacture the finished dose form ARV’s for the South African public sector, the distribution to this sector will be through the Company’s newly acquired South African subsidiary.