Indian investors acquire South Africa’s 135-year-old firm in $215m deal

One of South Africa’s oldest pharmaceutical firms, Adcock Ingram, is set to delist from the Johannesburg Stock Exchange (JSE) on November 11, 2025, marking the end of a 135-year legacy.

• India’s Natco Pharma acquires all minority shares of South Africa’s Adcock Ingram in a $215 million deal.
• The 135-year-old pharmaceutical firm will delist from the Johannesburg Stock Exchange on November 11, 2025.
• Bidvest Group, which holds a 65% stake, will retain its stake as Natco takes full control of the minority shares.
• Analysts say the move ends Adcock’s “minority purgatory” and reflects Bidvest’s confidence in its domestic earnings strength.

This follows India’s Natco Pharma’s acquisition of all minority shares in a deal valued at around $215 million (R4 billion).

Founded in 1890 as a small pharmacy in Krugersdorp, Adcock Ingram evolved into one of South Africa’s most trusted healthcare brands, producing household names such as Panado, Myprodol, Epi-Max, and Allergex.

Today, the company is valued at roughly $645 million (R12 billion) and operates across prescription, consumer, and hospital product lines.

A storied history of growth and transformation

Adcock Ingram’s connection with the JSE dates back to 1950, when it was first listed, ten years after opening its inaugural manufacturing plant.

Over the decades, it underwent several ownership shifts, being acquired and delisted by Tiger Brands in 2000, relisted in 2008, and later coming under the majority control of Bidvest Group in 2019, which holds about 65% of its shares.

Despite years of attempts to fully integrate Adcock, Bidvest eventually settled for majority control, allowing it to align operations while keeping the pharmaceutical company semi-independent.

Adcock continued to expand, acquiring Genop (owner of Epi-Max) and Plush Professional Leather Care, while also launching its second manufacturing facility in Bangalore, India, in 2023.

Natco Pharma steps in

Natco Pharma, a Hyderabad-based pharmaceutical giant with a market capitalization of about $1.6 billion (R30 billion), specializes in the research, development, and marketing of medicines globally.

In July 2025, it offered R75 ($4.10) per share to acquire Adcock Ingram’s minority shareholders, a move approved in September.

“Natco’s move and Bidvest’s choice to hold both make sense to us,” said Anchor Capital Equity Analyst, Sean Culverwell.

“This decision underscores Bidvest’s confidence in Adcock’s defensive earnings and domestic diversification, which still suit Bidvest’s local portfolio.”

Culverwell added that the delisting effectively ends Adcock’s long period in “minority purgatory”, following years of low share liquidity since Bidvest’s takeover.

Trading in Adcock’s shares will cease on November 10, 2025, with the shares formally delisted the next day.

For many in Africa’s healthcare and investment sectors, this marks not just a corporate exit, but the close of a remarkable homegrown legacy that has shaped the continent’s pharmaceutical landscape for more than a century.