Tiger Brands Limited - Conclusion Of Parke-Med Acquisition
TIGER BRANDS LIMITED
Share Code: TBS
ISIN Code: ZAE000023560
("Tiger Brands")
Adcock Ingram"s acquisition of the Parke-Med generic business has been
finalized. This follows approval of the acquisition by the Competition
Commission. Adcock Ingram is a wholly owned subsidiary of Tiger Brands.
Tiger Brands acquired this business from Pfizer Laboratories and funded the
acquisition internally. The sale price was not disclosed.
"The acquisition is a good strategic fit for Tiger Brands" Healthcare business
and complements Adcock Ingram"s existing generic medicines business through the
Adco Generics and Propan-Zurich product ranges", said Nick Dennis, Chief
Executive of Tiger Brands.
The acquisition will have no material effect on Tiger Brands" current earnings.
Mike Norris, Chief Executive of Adcock Ingram said he was delighted with the
acquisition. "Parke-Med is a worthy addition to our prescription
pharmaceuticals business. The acquisition takes us another important step
forward towards our stated objective of having a balanced portfolio of chronic
and acute medication. Parke-Med has a range of prescription medication products
in the cardiovascular and central nervous system categories which extends our
franchise in these markets. Access to Parke-Med"s new product pipeline will help
us to achieve our aim of `first to market" status in our generics business", he
said.
"Retrenchments are not anticipated as a result of the acquisition and we look
forward to welcoming the Parke-Med management and staff who have built a
successful business in major categories in the generics market", Norris
concluded.
Sandton
4 July 2003
Date: 04/08/2003 10:00:05 AM Supplied by www.sharenet.co.za
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