The investment is in line with Philab’s goal to foray into precision medicine.
“The future of pharmaceuticals will be personalized through your genetic make-up. It is the goal of Philab Holdings through the acquisition of Sydenham Lab to lead in precision medicine and pharmacogenomics in Asia,” Philab Holdings chairman and president Tom Navasero said.
Philab disclosed its plan to acquire the stake in SLI after its board of directors approved the sale of 100 million common shares out of its unissued authorized capital stock, pegged at $5 million (P250 million), to Epitrek Ventures Ltd.
With this transaction, Epitrek’s stake in Philab will increase to 9.2 per cent. Proceeds will be used to fund the company’s growth capital, expansion plans and healthcare-related acquisitions.
SLI has been in the pharmaceuticals industry for over 40 years and is the country’s only manufacturer of hormone-based drugs, specialising in oral drug preparation in other forms such as tablet, capsule, syrup and powder. It also produces food additives served in rural schools.
“The acquisition of Sydenham Lab enables Philab Holdings to broaden our service offering to the Filipinos. SLI’s specialty in manufacturing pharmaceutical products will enhance our product services, especially in providing universal healthcare for the Filipinos and expanding the generics line,” Navasero added.