One of South Africa’s oldest pharmaceutical companies, Adcock Ingram, is set to delist from the Johannesburg Stock Exchange (JSE) on November 11, 2025, ending a remarkable 135-year legacy.
The move follows India’s Natco Pharma acquiring all minority shares in a deal worth approximately $215 million (R4 billion), Business Insider Africa reported.
Founded in 1890 as a small pharmacy in Krugersdorp, Adcock Ingram grew into one of South Africa’s most respected healthcare brands, producing widely used products such as Panado, Myprodol, Epi-Max, and Allergex.
The company, now valued at about $645 million (R12 billion), operates across prescription, consumer, and hospital product lines.
Adcock Ingram’s association with the JSE dates back to 1950, a decade after it opened its first manufacturing plant. Over the decades, the company experienced several ownership transitions.
It was acquired and delisted by Tiger Brands in 2000, relisted in 2008, and came under the majority control of Bidvest Group in 2019, which currently holds around 65% of its shares.
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Although Bidvest made multiple attempts to fully integrate Adcock Ingram, it ultimately opted to maintain majority ownership, aligning operations while allowing the pharmaceutical firm to operate semi-independently.
Under Bidvest’s leadership, Adcock continued to expand its portfolio, acquiring Genop (owner of Epi-Max) and Plush Professional Leather Care, and establishing its second manufacturing facility in Bangalore, India, in 2023.
Natco Pharma, based in Hyderabad, is a leading pharmaceutical manufacturer with a market capitalization of about $1.6 billion (R30 billion).
The company focuses on the research, development, and global marketing of medicines. In July 2025, Natco offered R75 ($4.10) per share to purchase Adcock Ingram’s minority shares, an offer that received shareholder approval in September 2025.
“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 further noted that the delisting marks the end of Adcock’s prolonged phase of “minority purgatory,” referring to years of limited share liquidity since Bidvest’s takeover. Trading in Adcock’s shares will end on November 10, 2025, with the official delisting occurring the following day.
For many within Africa’s healthcare and investment sectors, this transaction signifies more than just a corporate exit. It represents the close of a homegrown legacy that has shaped South Africa’s pharmaceutical landscape for well over a century.
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Image Credit: Business Insider Africa
