South African pharmaceutical group Adcock Ingram has left the Zimbabwean market after selling its operating subsidiary for an undisclosed amount.
Adcock Ingram is listed on the Johannesburg Stock Exchange (JSE). It had interests in Bulawayo-based manufacturer and distributor of pharmaceutical, Datlabs, through a wholly-owned subsidiary, Pharmalabs (Jersey).
A statement on the group’s unaudited interim results for the six months ended December 31, 2018 reads in part as follows:
On 31 January, the group signed a sale of shares agreement, disposing of its interest in Pharmalab (Jersey) Limited, the owner of Datlabs. All conditions precedent were met and the proceeds have been received.
The company produces brands such as cafemol, panado, solphyllex and lanolene milk under licence, among other others.
The decision to exit the Zimbabwean market could be attributable to the serious competition that the company has been facing from imports.