Dannex buys Adcock’s stake in Ayrton

Drug Manufacturing Limited Dannex Limited has acquired Adcock Ingram’s 53 per cent interest in Accra based Ayrton Drug Manufacturing Limited.

In June, Adcock Ingram, a South African pharmaceuticals manufacturer, hinted it would sell this stake to Dannex Limited, a Ghanaian pharmaceuticals group.

Dannex applied to the Ghana Securities and Exchange Commission (SEC), a body mandated by law to approve such transaction, on August 8 to seek exempt from making a general offer to all remaining Ayrton shareholders.

The commission subsequently granted Dannex approval to proceed with the transaction, subject to the fulfilment of certain conditions.

Adcock Ingram has reported that Dannex has since complied with all the conditions precedent and the transaction closed on November 30.

The company has also concluded a voting pool agreement with Dannex in relation to Adcock Ingram’s 25.1 per cent interest in Ayrton.

Ayrton manufactures, imports, and supplies pharmaceutical products in West Africa. It offers analgesic/antipyretics/non-steriodal, antacid, anti-allergy, anti-diarrhoea, anti-hypertensive, antibacterial, antiprotozoa, antitussive, and dermatological drugs, as well as apetite stimulants and vitamins, blood and iron tonics, and ORS.

Incorporated in 1965, Ayrton is listed on the stock index of the Ghana Stock Exchange, the GSE All-Share Index.

The Accra based pharmaceutical company’s product portfolio includes anti-hypertensives, hematinics, dermatological preparations, antibiotics, dewormers, pain killers and anti-inflammatory drugs.

A wholly owned private limited liability company set up in May 1964 expressly for the purpose of manufacturing and distribution of pharmaceutical products, Dannex is recognised as an industrial leader in the manufacture of high quality pharmaceutical drugs and chemicals in Ghana.

Dannex has a product range that includes tablets, capsules, liquids (syrups and suspensions), powders, ointments, chemicals (disinfectants) and veterinary products.

 

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