South Africa's Adcock buys Cosme Farma for $86 mn

South Africa's No.2 drugs maker Adcock Ingram has agreed to pay $86 million (approximately Rs 480 crore) for Indian medicines business Cosme Farma, it said on Tuesday, bulking up its presence in the high-growth $16 billion market.

Under the deal Adcock, which already has a small manufacturing operation in the Asian country, would pay 90 percent of the purchase price up front and in cash and the remainder would be paid after six months.

Goa-based Cosme Farma distributes products in several therapeutic classes such as gynaecology, gastro-intestinal, dematology and orthopaedic.

Adcock has been dwarfed by larger rival Aspen Pharmacare, which has made an aggressive push into overseas markets in recent years.