Philab to Acquire Sydenham Laboratories
Philab Holdings Corp. (PSE: DNA) has confirmed its plans to acquire 67 percent of local pharmaceutical firm Sydenham Laboratories Inc. (SLI). This proposed acquisition is still subject to the results of due diligence and regulatory approvals from the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE).
With more than 40 years in the industry, SLI is the country’s only manufacturer of hormone based drugs and specializes in oral drug preparation in dosage forms such as tablet, capsule, syrup and powder for suspension. SLI is known for their long line of drugs, with having over 300 certificates of product registration. Their line of business also includes production of food additives utilized for its added nutritional benefit and served in rural schools for less fortunate children.
SLI also offers a variety products focused on the central nervous system, endocrine system, cardiovascular system, and several medicines to cater the needs of its consumers.
“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,” said Philab Holdings Chairman and President Tom Navasero.
After this merger, Philab Holdings plans to launch a program in support of precision medicine that will enable both companies to maximize their synergies and prowess in the field of healthcare.
Navasero added that with this program, a new area of Pharmacogenomics will be developed, an innovation in healthcare technology which allows individuals to determine the most effective medication therapy treatment based on their genetic makeup.
“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,” Navasero added.
Philab is confident that this merger will also pave the way for an even more competitive line of generic drugs in the Philippine market, a lower price alternative.
“We are confident that the joint efforts of SLI and Philab will bolster a more competitive quality of medical products in the Philippine healthcare market,” said Nina Atienza, Finance and Administrative Director of Sydenham Laboratories. “This collaboration will enhance the quality of our product array by delivering more options to the community.”
Simultaneously, Philab Holdings recently announced that the Board of Directors approved and authorized the issuance of 100,000,000 common shares out of the unissued authorized capital stock of DNA at the subscription price of PhP2.50 per share or an aggregate subscription price of PhP250,000,000.00 to Epitrek Ventures Ltd.
The outstanding capital stock of the company shall increase from 2,062,276,060 to 2,162,276,060.00 common shares. Furthermore, the shareholdings of Epitrek shall increase from 100,000,000 to 200,000,000 common shares, which correspond to 9.2% of the outstanding capital stock of the company.
Proceeds raised will be used to fund the company’s growth capital, expansion plans and healthcare related acquisitions. Philab Holdings will focus in rolling out technology that will advance affordable primary healthcare, diagnostics and genetics facilities in rural areas.
