South Africa's Adcock Ingram to sell loss-making Indian unit

The firm had bought Cosme Farma Laboratories for $62.76 million in 2013

South African pharmaceutical firm Adcock Ingram will dispose of its loss-making Indian unit, the company said in a statement on Wednesday.

Adcock Ingram bought unlisted Cosme Farma Laboratories for 822 million rand ($62.76 million) in 2013, but had to write down its value by 278 million rand last year and a further 74.4 million rand this year, saying significant additional investment was needed to compete effectively in the Indian pharmaceutical market.

"While there is no certainty on the short-term sale prospects, nor the extent of any sale proceeds likely to be received, management will continue to manage the business as before," the company said.

($1 = 13.0985 rand)