Laurus Labs Limited, a leading research and development driven pharmaceutical company (“Company”), has agreed to acquire 100% shares of Phekolong Pharmaceuticals Pty Ltd, a wholly owned subsidiary company of Pharmacare Ltd. t/a Aspen Pharmacare, South Africa, subject to completion of conditions precedent, by way of cash consideration of ZAR 75,000 (Seventy-five thousand South African Rands). The acquisition is expected to be completed by end of November, 2019.
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 Limited’s account and accordingly all such assets and liabilities will be transferred from the target company to Pharmacare Limited 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.