Adcock Ingram has concluded an agreement to buy South African specialist marketing and distribution company Genop Healthcare.
Genop’s historical revenue was R400m a year, Adcock said in its voluntary Sens announcement.
It did not say how much it had agreed to pay, as the deal is not a categorised transaction under JSE listing rules.
Genop has three divisions. The opthalmic and optical division includes surgical and diagnostic instruments. Skincare includes medical as well as salon skincare preparations, and skincare-related medical devices; and the vision care and pharmaceuticals division includes eye drops, contact lens solutions, and allergy and infection remedies.
The deal further expands Adcock’s eyecare products range. It bought two brands of eye drops from Genop last year, Brolene and STOP-ALLERG.
Adcock said in its statement on Tuesday that the acquisition would enable it to diversify its product offering, as there was very little overlap between the two companies’ product portfolios. The acquisition of the well-recognised Epi-max skincare brand was a key factor, it said.
The deal also gave it "one of the largest suppliers of optical instruments in SA", which had a 90-year history in the sector.
Adcock, a manufacturer of pharmaceutical products, has been expanding its distribution capabilities, and in April this year it bought Virtual Logistics, in a deal that increased the number of destinations it can service from 6,000 to 9,000.
By 9.30, Adcock was up 0.48% to R63.