AYALA Healthcare Holdings Inc., a wholly owned subsidiary of Ayala Corp., has acquired a 50-percent interest in Generika Drugstore Philippines.
In a statement, parent Ayala Corp. said it has signed a deal with Generika founder Julien Bello and his family for the 50-percent stake in the drugstore chain to help address gaps in affordable healthcare.
Bello and his family co-founded Generika with Teodoro Ferrer and his group, under a 50-50 transaction. Ferrer will stay on as Generika president and CEO even after the deal with Ayala Healthcare.
“We are excited to be part of Generika and help address the gaps in affordable retail healthcare. We believe this is an excellent platform for Ayala to reinvent the space and serve as foundation for our emerging healthcare portfolio,” Ayala President and Chief Operating Officer Fernando Zobel de Ayala said.
“With the combined strengths and management capabilities of Ayala and Generika, we believe we can raise the level of efficiency and accessibility of this platform to better serve Filipino families by providing a wide range of quality medicines at affordable prices,” he added.
Generika is a popular generic drugstore in the country, with over 500 stores nationwide.
“On behalf of Generika, we wholeheartedly welcome the entry of Ayala Healthcare. We are especially excited by the enhanced capability to have a meaningful impact on the health and lives of many more communities all over the country,” Ferrer said.
Mabuhay Capital was hired to give Bello and his group the financial advice in the transaction with the Ayala group.
In 2014, the Ayala group went into the healthcare sector via QualiMed hospitals and centers, a joint venture between Ayala Land Inc. and the Mercado Medical Group.