South Africa’s leading health, wellness, and pharmacy chain, Clicks Group, has agreed to sell drug maker Unicorn Pharmaceuticals in compliance with a court ruling to secure licenses for new stores from the health ministry.
In favour of the Independent Community Pharmacy Association (ICPA), South Africa’s Constitutional Court ruled in March that Clicks’ ownership of Unicorn violated regulations prohibiting pharmacies from owning drug makers. The sale of Unicorn, expected to be completed this July, will allow Clicks to secure new pharmacy licenses. The health ministry stopped processing new Clicks pharmacy licenses in May 2023 and will only resume when the company complies with the court ruling.
“As part of a constructive engagement process with the director general, Clicks Group proposed to regularise its position by divesting its total shareholding in the manufacturing pharmacy, Unicorn Pharmaceuticals,” Clicks said.
As of the end of February, the midpoint of its financial year, the pharmacy, health, and beauty retailer, whose brands include Clicks, Clicks Baby, The Body Shop, Sorbet, and UPD, had 902 stores and 718 pharmacies.
Source link : https://newscentral.africa/south-africa-court-decision-forces-clicks-to-divest-drug-maker/
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Publish date : 2024-07-02 07:25:45
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