Philab expands into precision medicine with SLI acquisition

“SLI’s specialty in manufacturing pharmaceutical products will enhance our product services, especially in providing universal healthcare for the Filipinos and expanding the generics line,” Philab Holdings chairman and president Tom Navasero told the local bourse. (Photo by http://philab.com)

MANILA — Listed healthcare technology company Philab Holdings Corp. on Monday confirmed its plans to acquire 67 percent of local pharmaceutical firm Sydenham Laboratories Inc. (SLI) in a bid to expand its portfolio.

“SLI’s specialty in manufacturing pharmaceutical products will enhance our product services, especially in providing universal healthcare for the Filipinos and expanding the generics line,” Philab Holdings chairman and president Tom Navasero told the local bourse.

With more than 40 years in the industry, SLI is the country’s only manufacturer of hormone-based drugs and specializes in oral drug preparation in dosage forms.

It is also engaged in the production of food additives utilized for its added nutritional benefit and served in rural schools for less fortunate children.

After this merger, Philab Holdings plans to launch a program in support of precision medicine that will enable both companies to maximize their synergies and prowess in the field of healthcare.

“The future of pharmaceuticals will be personalized through your genetic make-up. It is the goal of Philab Holdings through the acquisition of Sydenham Lab to lead in precision medicine and pharmacogenomics in Asia,” added Navasero.

The proposed acquisition is still subject to the results of due diligence and regulatory approvals

Philab Holdings recently announced the issuance of 100 million common shares out of its unissued authorized capital stock at an aggregate subscription price of PHP250 million to Epitrek Ventures Ltd.

Proceeds raised will be used to fund the company’s growth capital, expansion plans and healthcare-related acquisitions.

Philab Holdings will focus in rolling out technology that will advance affordable primary healthcare, diagnostics and genetics facilities in rural areas.

(PNA)