JSE-listed pharmaceutical company Adcock Ingram has acquired 100% of local medical instrument and pharmaceutical company Genop for an undisclosed amount.
Genop is a specialised instrument, surgical and pharmaceutical products company focused on the ophthalmic, optometry, skincare, aesthetic and plastic surgery segments in Southern Africa with historic revenue of about R400-million a year.
Genop owns and markets the well-known Epi-max branded range of consumer products and holds exclusive distribution rights for leading international brands in the segments and categories in which it operates.
Adcock Ingram on Tuesday said its board considers the Genop acquisition to present an attractive investment opportunity, as the Epi-max brand and range of products has potential for further line extensions. The brand is well established with strong awareness among consumers and dermatologists.
The board also highlighted diversification of Adcock Ingram as a reason for the acquisition.
“Genop’s product portfolio has very little overlap with Adcock Ingram’s existing portfolio and allows for diversification into non-single exit price regulated products in specialised areas or therapeutic categories, such as pharmaceuticals, ophthalmics, dermatology and plastic surgery.”
Further, Genop is one of the largest suppliers of optical instruments in South Africa and has been in business for 90 years.