End of an era for 135-year-old company in South Africa
Adcock Ingram will delist from the Johannesburg Stock Exchange (JSE) on 11 November 2025, with India’s Natco Pharma acquiring all the minority shares of the 135-year-old company.
The company’s story dates back to 1890, when it started as a small pharmacy in Krugersdorp, Gauteng.
The company grew to become one of South Africa’s leading pharmaceutical companies, with a range of prescription, over-the-counter (OTC), consumer and hospital products, valued at R12 billion.
Its brands include Myprodol, Panado, Allergex, Epi-Max, Corenza, Gen-Payne and more.
The company was first listed on the Johannesburg Stock Exchange in 1950, ten years after opening its first Pharmaceutical manufacturing facility.
After 50 years of trading, the group’s majority shareholder, Tiger Brands, acquired all the minority shares of the company in 2000.
The company then became a wholly-owned subsidiary of Tiger Brands and was delisted from the JSE.
However, in 2008, the company was unbundled from Tiger Brands and was relisted on the JSE under the code AIP.
Over the next decade, Adcock Ingram was reorganised into four autonomous business units, while it also acquired Genop, which owned the Epi Max brand.
In 2019, the group’s ownership structure saw another significant change, with Bidvest acquiring about 65% of the company.
The company had attempted for years to take full control of the company, but settled on the majority share as it could still influence Adcock and align their businesses.
Shortly thereafter, Adcock Ingram acquired Plush Professional Leather Care as it looked to less-regulated product lines.
The group also opened its second manufacturing facility in Bangalore, India, in 2023, 16 years after opening the original.
New owners arrive
However, Adcock now faces its second exit from the JSE and a new era with Indian group Natco Pharma set to take over the minority shares that are not already owned by Bidvest.
Natco Pharma specialises in research, development, manufacturing, and marketing pharmaceutical products, and has a market cap of around R30 billion.
In July, Natco Pharma offered R75 per share to buy out Adcock Ingram’s minority shareholders, which reached a value around R4 billion.
The move received approval from shareholders in September, with Adcock Ingram announcing on Friday, 24 October, that the offer is now unconditional.
Adcock Ingram will thus proceed with the sale implementation, with shareholders having until 4 November 2025 to participate in the offer.
Adcock Ingram’s shares on the JSE will cease to be traded on the JSE from 10 November 2025, with delisting occurring the next day.
The offer led to a massive rise in the group’s share price to around R74.
Anchor Capital Equity Analyst Sean Culverwell previously noted that the deal would end Adcock’s long spell in “minority purgatory.”
After Bidvest took control of Adcock Ingram in 2019, the company’s free float diminished and liquidity dried up. This made delisting for the second time feel inevitable.
Bidvest prioritises capital to scale its offshore services platform, with Bidcorp potentially unbundled from the group.
“Against that backdrop, Natco’s move and Bidvest’s choice to hold both make sense to us,” Culverwell added.
“This decision underscores Bidvest’s confidence in Adcock’s defensive earnings and domestic diversification, which still suit Bidvest’s local portfolio.”
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