Manila-based Philab Holdings, which designs, builds and equips medical laboratories, plans to acquire 67% of local pharmaceutical firm Sydenham Laboratories. The proposed acquisition is still subject to the results of due diligence and regulatory approvals from the Securities and Exchange Commission and the Philippine Stock Exchange.
Financial terms have not been disclosed.
SLI is the country’s only manufacturer of hormone based drugs and specialises in oral drug preparation in dosage forms. It 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 programme in support of precision medicine.
