Ayala buys 50% stake in drugstore chain Generika

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(Source: Keith Richard Mariano, GMA News | July 16, 2015)

The Ayala Group has forayed into affordable retail healthcare, acquiring a significant stake in Generika Drugstore Philippines, a disclosure with the Philippine Stock Exchange revealed.

Ayala Healthcare Holdings Inc., a wholly-owned subsidiary of Ayala Corp., signed agreements on Wednesday to acquire a 50-percent stake in Generika from the family of founder Julien Bello.

Generika co-founder Teodoro Ferrer and his group hold the remaining 50 percent in the company. Ferrer will also stay on as president and CEO.

“We are excited to be part of Generika and help address the gaps in affordable retail healthcare. We believe this is an excellent platform for Ayala to reinvent the space and serve as foundation for our emerging healthcare portfolio,” Ayala President and CEO Fernando Zobel de Ayala said.

Generika is into retail distribution of quality generic medicines through more than 500 stores.

The Ayala group first entered the healthcare sector in 2014 through QualiMed, Ayala Land Inc.’s chain of hospitals and satellite clinics, in partnership with the Mercado Medical Group.