Natco Pharma Limited has announced that, through its wholly owned South African subsidiary, it has issued a combined circular with Adcock Ingram Holdings Limited to convene a general meeting of shareholders on October 9, 2025 to approve a proposed Scheme of Arrangement.
Key details of the offer
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Natco Pharma submitted a firm cash offer of ZAR 75 per share on July 23, 2025.
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The deal aims to acquire minority-held shares in Adcock Ingram, valuing the transaction at approximately ZAR 4 billion (USD 228 million).
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Only minority shareholders will vote on the scheme, with Bidvest and Natco Pharma abstaining.
Post-acquisition structure
If approved, Adcock Ingram will be delisted from the Johannesburg Stock Exchange (JSE) by November 11, 2025. Post-transaction, Natco Pharma will hold a 35.75% stake, with Bidvest owning the remaining shares. As a private company, both partners intend to expand Adcock’s revenue streams and market presence across Africa.
About Adcock Ingram
Founded in 1891, Adcock Ingram is South Africa’s second-largest pharmaceutical company, with:
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10% share of the private market.
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Market leadership in the OTC segment.
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Largest supplier of hospital and critical care products in the country.
Its portfolio includes household brands such as Panado, Allergex, Epi-max, Citro-Soda, and Myprodol.
About Natco Pharma
Headquartered in Hyderabad and established in 1981, Natco Pharma operates in over 50 countries, with a strong focus on oncology, cardiology, neurology, and other specialty therapies. The company continues to diversify its footprint across emerging and developed markets.
