Philab board ok’s Sydenham Lab acquisition

PHILAB Holdings Corp. disclosed that its board has approved the acquisition of 67% equity in local pharmaceutical firm Sydenham Laboratories Inc. (SLI).

Philab is anticipated to own and hold a total of 1.25 million shares of SLI valued at P390.6 million.

Philab’s board has approved the acquisition of 625,000 secondary common shares at P46.62 per share, which represents 33.33% of the resulting outstanding capital stock of SLI shareholders. It will also subscribe to 625,000 primary common shares at a price of Php 46.62 per share from the unissued capital stock of SLI, which is the other half of 67%.

The holding firm will issue up to 48,828,121 common shares out of its unissued authorized capital stock at a price of P4.00 per share, a total of subscription price of P195,312,484.00 as part of its acquisition price.

Philab will pay SLI a total amount of P137,012,516.00 in cash while the remaining balance of P390.6 million will be paid through shares subscription.

Philab’s shares subscription price is still subject to the confirmation the Securities and Exchange Commission (SEC).

The company previously announced its plans to acquire the local pharmaceutical firm last December 2017 as part of its program to support precision medicine and Pharmacogenomics. PR

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