Robinsons Retail Holdings Inc. on Tuesday said it has acquired a majority interest in The Generics Pharmacy (TGP), the country’s largest generic drugstore.
The Gokongwei family’s retail arm announced its acquisition of 51 percent of TGP, the fastest growing generics pharmacy chain with more than 1, 800 stores across the country.
“We are very excited to partner with TGP. This is because TGP strongly believes in its vision to offer quality products at very affordable prices and in convenient locations. It is an honor to continue the company’s legacy and to further grow the business,” the company’s president and chief operating officer Robina Gokongwei-Pe said.
Robinsons Retail’s acquisition of TGP, combined with South Star Drug will put the retail drugstore network of Robinsons to nearly 2,200 stores nationwide, thus making its the largest in terms of the total number of store outlets in the country.
“We have been a firm believer that a Filipino deserves nothing less for less cost. Thus, we have been true to our mission of helping address the health needs of every Filipino by providing a complete range of safe, quality and cost-effective generic medicines and healthcare products and services, Benjamin Liuson, founder and chairman of TGP said.
Although the amount of the acquisition of the majority stake in TGP was not disclosed, Robinsons said that Fortman Cline Capital Markets advised the drugstore and the Liuson family.
“As we profit from accomplishing this mission, we ensure our growth is shared among our franchisees, partners, suppliers and employees. It is our hope to bring our business a step higher with our partnership with Robinsons Retail,” Liuson added.
The said acquisition by the Gokongwei family came after last year’s Ayala Corp. decision to engage in the retail drug store business by acquiring a controlling stake in Generika, the country’s third largest generic drugstore.
The Liuson family, which founded TGP, has been in the pharmaceutical business since 1959, initially as an importer and wholesaler under the trade name Pacific Pharma.
In 1983, Pacific Pharma shifted its focus to generic medicines after realizing the need of most Filipinos for quality medicine at affordable prices.
In 2001, the Liuson family ventured into retail and set up The Generics Pharmacy. As demand grew, in 2007, TGP decided to bring affordable healthcare and medicines more accessible to remote places in the country by way of opening itself to franchising deals.