9 August 2019 - Deborah Wilkes
Bidvest has taken control of Adcock Ingram, Teva is seeking a new chief financial officer and the South African industry association is changing its name.
Bidvest takes control of Adcock Ingram
The Bidvest Group has taken control of Adcock Ingram by increasing its stake in the South African pharmaceutical company to 50.1%.
Lindsay Ralphs, Bidvest's chief executive, said: “We have concluded that control of Adcock Ingram is strategically much better for Bidvest than simply owning it as an associate."
Bidvest noted that it had spent an "extensive period" evaluating ways to dispose of its interest in Adcock Ingram, preferably to a new black entrant, but funding had not been found. Rather than continuing to hold a minority stake, Bidvest decided to increase its shareholding.
On 6 June 2019, Bidvest announced that its stake in Adcock Ingram had increased to 43.3%. Following the termination of Adcock Ingram's Broad-Based Black Economic Empowerment (BEE) scheme, Bidvest's holding is now 50.1%.
Bidvest – a South African services, trading and distribution group – originally acquired a 34.5% shareholding in Adcock Ingram in 2014.
Teva loses chief financial officer
Teva Pharmaceutical has announced that Michael McClellan, its executive vice president and chief financial officer, is stepping down for "personal reasons". The Israeli generics company has initiated a search for a replacement.
McClellan, who has been with Teva since 2015, will remain in the post until after the company's third-quarter results have been announced.
New name for industry association
The Self-Medication Manufacturers Association of South Africa (SMASA) is changing its name to the Self-Care Association of South Africa.