AC Health closes investment in St. Joseph Drug

Makati City, Philippines, August 6, 2024 – Ayala Healthcare Holdings, Inc. (AC Health) has successfully completed its investment in St. Joseph Drug, officially adding the North Luzon-based pharmaceutical company to its healthcare portfolio.

The definitive agreements were signed on December 15, 2023. Following the approval by the Philippine Competition Commission of the transaction, Paolo Borromeo and Atty. Yet Abarca of AC Health’s pharmaceutical arm, AHCHI Pharma Ventures Inc. (APV), and Ma. Socorro Dorotea “Gigi” L. Cruz and Marilene L. Cruz-Bernal of Joleco Resources, Inc., operator of St. Joseph Drug led the formal closing ceremonies held on July 18, 2024 in Makati City.

IN PHOTO (L to R): Anthony L. Cruz (Director – St. Joseph Drug); Maria Eleanor L. Cruz-Valero (Corporate Secretary – St. Joseph Drug; Paolo Borromeo (President and CEO – AC Health); Atty. Yet Abarca (President and CEO – APV and Generika Drugstore); Ma. Socorro Dorotea “Gigi” L. Cruz (Chairman, President, and CEO – St. Joseph Drug); Marilene L. Cruz-Bernal (Treasurer and COO – St. Joseph Drug); Maria Catherine L. Cruz-Bangsal (Director – St. Joseph Drug); Joselito L. Cruz (Director – St. Joseph Drug)

Established in 1958 by pharmacist Jose “Pepe” Cruz and his wife Leila Lagman from Dagupan City, St. Joseph Drug has grown from a modest provincial drugstore with three employees and a 3.5-meter storefront into a leading regional pharmaceutical chain spanning over 112 stores across Northern Luzon.

"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, enhancing access to affordable and quality medicines. 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” said Paolo Borromeo, President and CEO of AC Health

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. We are excited to become part of AC Health’s larger healthcare ecosystem and join in their mission in Improving Healthcare For All” said Gigi Cruz, Chairman, President, and CEO of St. Joseph Drug.

APV serves as the holding company for AC Health's pharmaceutical businesses. Composed of Generika Drugstore, the pioneer in generic retail pharmacies, and I.E. Medica and MedEthix, its pharma importation and distribution arms, APV now includes St. Joseph Drug. This strategic acquisition enables AC Health to strengthen its pharma footprint and reach more Filipinos throughout the country..