Ayala Group increases stake in Generika to 52.5%

MANILA, Philippines — The Ayala Group has increased its stake in the Generika Group of Companies.

In a disclosure Thursday, the conglomerate said its health arm Ayala Healthcare Holdings Inc. (AC Health acquired an additional stake in the Generika Group, raising its total holdings to 52.5 percent from 50 percent.

The Generika Group is composed of Actimed Inc., Erikagen Inc., Novelis Solutions Inc., and Pharm Gen Ventures Corp.

The transaction allows the Generika Group to raise additional capital for operations and national store expansion.

The Generika Group is one of the pioneers in the retail distribution of quality generic medicines in the country with over 800 stores nationwide. It is the third largest player in retail pharmacy in the country by number of stores.

In July 2015, Ayala Corp. announced its venture in healthcare through the acquisition of a 50 percent stake in the Generika Group.

Its wholly owned subsidiary Ayala Healthcare Holdings signed the agreement with the family of co-founder Julien Bello.

Generika is among the pioneers in the retail distribution of quality generic medicines in the country with over 500 stores nationwide. Bello and businessman Teodoro Ferrer co-founded the drugstore chain.

Established in 2003, Generika promotes the use of generic drugs in the context of high prices of medicines in the country. Its first outlet opened in May 2004 in Montillano, Muntinlupa.