Tiger Brands - Adcock Ingram Disposes Of Lagap Pha
TIGER BRANDS LTD
PRESS ANNOUNCEMENT
Tiger Brands Limited (South Africa) and Novartis International AG (Switzerland)
have announced the conclusion of an agreement through which UK-based generics
company, Lagap Pharmaceuticals, has been sold to Novartis Generics. The
agreement was signed on March 23rd 2001. Financial details have not been
disclosed.
Lagap markets a range of dosage forms of generic medicines in the UK. Oswald
Sellemond, Head of Novartis Generics commented "as one of the major global
generics organizations it is our strategic goal to be present in every major
pharmaceuticals market. To this end, Novartis Generics has made a series of
acquisitions in Europe, Australia, the US and Argentina.
Adcock Ingram (wholly owned by Tiger Brands) acquired Lagap in October 1999
from Aspen with the aim of expansion in the UK market. Chief Executive of
Adcock Ingram, Mike Norris gives reasons for the disposal: "Adcock Ingram's
internationalization strategies have been realigned with the Tiger Brands'
strategic focus to build strong food and healthcare brands, achieve dominance
in the African region and expansion into developing markets that offer
profitable growth opportunities". Such markets include South America, India
and Australasia.
The deal will have no material effect on Tiger Brands' results for the current
year.
Ends
For further information: Wallace Holmes
Chief Financial Officer
Tiger Brands
Telephone: 27 11 320-0111
30 March 2001
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
