Conglomerate Ayala Corp.’s healthcare arm completed its purchase of a significant minority stake in the 112-store St. Joseph Drug after securing the approval of the Philippine Competition Commission.
The formal closing ceremony took place on July 18, 2024, in Makati City, with representatives from AC Health and Joleco Resources, Inc., the operator of St. Joseph Drug, in attendance.
“Our investment in St. Joseph Drug highlights AC Health’s dedication to expanding healthcare accessibility. Integrating St. Joseph Drug into the AC Health ecosystem will streamline our pharmacy network and enhance access to affordable and quality medicines,” Paolo Borromeo, president and CEO of AC Health, said in a statement.
“I want to express my gratitude to Gigi, Marilene, and the entire St. Joseph family for their trust. We eagerly anticipate growing the network and further integrating St. Joseph Drug with AC Health,” he added.
Founded in 1958 by pharmacist Jose “Pepe” Cruz and his wife Leila Lagman in Dagupan City, St. Joseph Drug has expanded from a small drugstore with three employees to a major regional chain with over 112 stores in Northern Luzon.
APV serves as the holding company for AC Health’s pharmaceutical businesses. It includes Generika Drugstore, a pioneer in generic retail pharmacies, and I.E. Medica and MedEthix, its pharma importation and distribution arms.
“This partnership is not just a strategic decision but also a testament to our shared dedication and commitment to excellence. Together with AC Health, we will explore new markets, innovate, and set new standards for excellence,” said Gigi Cruz, chair, president, and CEO of St. Joseph Drug.
