Ayala buys control of Visayas drug­store chain

Manila Bulletin - - Front Page - By JAMES A. LOY­OLA

Ayala Health­care Hold­ings, Inc. (AC Health), a wholly-owned sub­sidiary of Ayala Cor­po­ra­tion, is ac­quir­ing the con­trol­ling stake in a drug­store chain in the Visayas.

In a dis­clo­sure to the Philip­pine Stock Ex­change, Ayala said AC Health has en­tered into a share pur­chase agree­ment with Jas­minum Cor­po­ra­tion, for the pro­posed ac­qui­si­tion of a 75 per­cent stake in Ne­gros Grace.

Ne­gros Grace, based in Ba­colod City and founded in 1971, owns and op­er­ates over 70 drug­stores across Cen­tral and West­ern Visayas.

“This trans­ac­tion en­ables AC Health to ex­pand its port­fo­lio in phar­ma­cies, par­tic­u­larly in the Visayas re­gion,” Ayala said.

A Share Pur­chase Agree­ment was ex­e­cuted on De­cem­ber 6, 2018, the closing of which is sub­ject to the ful­fill­ment of cer­tain con­di­tions prece­dent and to se­cur­ing any nec­es­sary reg­u­la­tory ap­proval.

AC Health had ear­lier in­vested in an early stage startup firm that al­lows cus­tomers to or­der medicine on­line and have these de­liv­ered di­rectly to them.

Ayala said AC Health in­vested in Well­bridge Health, Inc. which owns and op­er­ates MedGro­cer, an FDA-li­censed ePhar­macy and medicine ben­e­fits man­age­ment ser­vice.

Ayala said “the in­vest­ment is part of AC Health’s over­all strat­egy to in­crease ac­ces­si­bil­ity and af­ford­abil­ity in health­care. AC Health seeks to seed dis­rup­tive health­care solutions that im­prove ef­fi­ciency and in­te­gra­tion.”

“The in­vest­ment of AC Health into MedGro­cer fits well with both our phar­macy and health tech as­pi­ra­tions,” said AC Health Chief Ex­ec­u­tive Of­fi­cer Paolo F. Bor­romeo.

He noted that, “on the phar­macy side, we are ex­plor­ing new ways to reach the con­sumer and de­liver af­ford­able medicine; on the health tech side, we are look­ing to build a port­fo­lio of in­no­va­tive tech­nol­ogy solutions across the con­tin­uum of care.”

MedGro­cer’s on­line plat­form al­lows pa­tients to com­pare prices and ob­tain es­sen­tial in­for­ma­tion for their med­i­ca­tions prior to pur­chase.

All medicine are FDA-cer­ti­fied, and trans­ac­tions are ver­i­fied by a li­censed phar­ma­cist. In ad­di­tion to serv­ing in­di­vid­u­als, MedGro­cer also pro­vides medicine for the clin­ics of their cor­po­rate clients.

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.