| Litha Healthcare Group acquires Goldex Healthcare as part of its Pharma strategy |
Litha Healthcare Group Limited acquires Goldex Healthcare The acquisition which forms part of the group’s Pharma Division strategy, will result in the company rapidly expanding its pharmaceutical pipeline Litha Healthcare Group, a JSE listed healthcare company, has signed an agreement to acquire Goldex Healthcare, a Durban-based pharmaceutical company. The cash deal sees Litha obtaining a 100 % share in the company, for a total value R 33 Million and is being funded through internally generated cash. Goldex is an approved manufacturer and distributor of its own pharmaceutical products, as well as an exclusive distributor, under license, for Unichem Laboratories Ltd, a leading Indian multinational. By acquiring and integrating the Goldex product range, the Litha Healthcare Group will build scale and secure product pipelines for its Litha Pharma Division. The company's products comprise; prescription and over-the-counter (OTC) medicines which include amongst others; Cold & Flu Preparations, Mouth & Throat Preparations, Dermatological Preparations, Ophthalmic Preparations, Ear, Nose & Throat preparations, Anti-inflammatories / Analgesics, Anti-microbials, Antihistamines, Cardiovascular Agents and Vitamin supplements. Goldex Healthcare promotes products such as Sinustat throughout South Africa and its product line currently holds 32 active pharmaceutical products which include mainly generic as well as some innovator brands. There are also a number of products awaiting registration at the Medical Control Council (MCC). “Realising the need for continuity, Litha and Goldex Healthcare have agreed to an eight month handover period until December this year, during which time Goldex will continue to operate from its Durban premises, with the entire operational staff remaining in place. Thereafter, Litha Group will transfer the Goldex business to our headquarters in Johannesburg. We anticipate that the longer handover period will ensure a smooth transition of the Goldex business into the Litha Group, ‘’ says Selwyn Kahanovitz, Group CEO, Litha Healthcare Group Limited. Kahanovitz adds, “Brett Ryan, the Commercial and Sales Manager for Goldex Healthcare, will continue in his current position and will together with Litha Pharma, increase the current Goldex sales force, with further investment and promotion of the Goldex product range.” During the past three years, Goldex has experienced considerable growth and success in the generic pharmaceutical sector in Southern Africa. Part of this growth has been due to their strong and valued relationship with Unichem India. “With the current portfolio of Goldex and Unichem products, together with the pipeline of products awaiting MCC registration, we are excited about the positive boost to the size of the overall product range within the Litha Pharma Division,” concludes Kahanovitz. Ends About Litha Healthcare Group Limited Litha Healthcare Group Limited is a JSE-listed integrated healthcare company with a varied product offering in: biotechnology, vaccines, pharmaceuticals, medical devices, cold chain logistics, as well as medical capital equipment and support services with extensive contracts in both the public and private healthcare sector. More information is available at: www.lithahealthcare.co.za Issued Stoned Rosemary For further information please contact: |
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