* Deal boosts presence in India
* To fund the deal with cash
(Adds details)
JOHANNESBURG, July 10 (Reuters) – South Africa’s No.2 drugs
maker Adcock Ingram has agreed to pay $86 million for
Indian medicines business Cosme Farma, it said on Tuesday,
bulking up its presence in the high-growth $16 billion market.
Under the deal Adcock, which already has a small
manufacturing operation in the Asian country, would pay 90
percent of the purchase price up front and in cash and the
remainder would be paid after six months.
Goa-based Cosme Farma distributes products in several
therapeutic classes such as gynaecology, gastro-intestinal,
dematology and orthopaedic.
Adcock has been dwarfed by larger rival Aspen Pharmacare,
which has made an aggressive push into overseas markets in
recent years.
(Reporting by Tiisetso Motsoeneng; Editing by Mike Nesbit)
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