Laurus Labs gains entry into public market in South Africa

Through acquisition of Phekolong Pharmaceuticals, a wholly owned subsidiary of Pharmacare

Laurus Labs will acquire 100% shares of Phekolong Pharmaceuticals, a wholly owned subsidiary company of Pharmacare t/a Aspen Pharmacare, South Africa, subject to completion of conditions precedent, by way of cash consideration of ZAR 75,000. This transaction is part of a strategic partnership with Aspen Pharmacare to acquire a fully owned subsidiary holding the required licenses to enable it to participate in the South African public sector.

This transaction will provide Laurus access to the South African public antiretroviral ("ARV") sector, which manages the world's largest public ARV programme. While Aspen will continue to manufacture the finished dose form ARV's for the South African public sector, the supply to this sector will be through Laurus' newly acquired South African subsidiary.

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