"Suspended" Philab Holdings Corp.
...umangat na kaya ito?

Philab eyes majority stake in drug manufacturer

PHILAB Holdings Corp. is acquiring a majority stake in local pharmaceutical firm Sydenham Laboratories, Inc. (SLI) in an effort to widen the range of products the company offers.

In a statement issued Monday, the listed firm said it will purchase 67% of SLI, subject to closing requirements of the Philippine Stock Exchange and Securities and Exchange Commission.

“The acquisition of (SLI) enables Philab Holdings to broaden our service offering to the Filipinos. SLI’s specialty in manufacturing pharmaceutical products will enhance our product services, especially in providing universal health care for the Filipinos and expanding the generics line,” Philab Chairman and President Hector Thomas A. Navasero said in a statement.

SLI is the sole company in the country that manufactures hormone-based drugs, and also specializes in oral drug preparation in dosage forms. The company has over 40 years in the medical industry alongside more than 300 certificates of product registration. Its products focus on those for the central nervous system, endocrine system, and cardiovascular system, among others.

Philab plans to maximize synergies with SLI through the launch of a program supporting precision medicine once it closes the acquisition deal. Among Philab’s objectives in acquiring SLI is to develop a new area of pharmacogenomics, which will determine the most effective medication therapy treatment based on a person’s genetic makeup. 

“The future of pharmaceuticals will be personalized through your genetic makeup. It is the goal of Philab Holdings through the acquisition of (SLI) to lead in precision medicine and pharmacogenics in Asia,” Mr. Navasero said.

For its part, SLI said partnering with Philab will result to a more competitive quality of medical products in the Philippine health care market.

“This collaboration will enhance the quality of our product array by delivering more options to the community,” SLI Finance and Administrative Director Nina Atienza said in a statement.

Philab did not disclose the acquisition value for SLI.

On the other hand, the company said its board of directors has also approved the issuance of 100 million common shares out of its unissued authorized capital stock at P2.50 apiece in favor of Epitrek Ventures Ltd.

With this transaction, Philab’s outstanding capital stock will increase to 2.16 billion common shares. Epitrek’s stake in Philab, meanwhile, will increase to 9.2%.

The subscription will allow Philab to raise P250 million, which it said will be used to fund the company’s growth capital, expansion plans, and health care related acquisitions.

“Philab Holdings will focus in rolling out technology that will advance affordable primary health care, diagnostics, and genetics facilities in rural areas,” the company said.

Philab narrowed its net loss attributable to the parent to P107 million in the first nine months of 2017 compared to a loss of P860 million from year-ago levels. Revenues were recorded at P155 million for the period.

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...hhmmnnn this is not good, ambilis ng turnover ng mga officials pa naman ng company

Philab says CFO resigns from post

A TOP OFFICIAL of Philab Holdings Corp. resigned on Tuesday, citing personal reasons for exiting the company.

The listed firm disclosed to the stock exchange on Tuesday that its board of directors has accepted the resignation of Jennifer B. Bantang as its chief finance officer (CFO), as well as George Bocanegra as its investor relations officer.

In June this year, Philab Chairman Hector Thomas A. Navasero also resigned from his post due to health reasons, but soon returned to head the company in October after Darlene Berberabe who earlier replaced him resigned as well.

Incorporated in 1959, Philab supplies health and laboratory equipment to the Philippine health and education market.

Philab narrowed its net loss to P107 million in the first nine months of 2017 from P860 million in the same period a year ago.

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Philab partners with Italian company IMA

PHILAB HOLDINGS Corp. said on Thursday its subsidiary has partnered with Italy-based Industria Macchine Automatiche S.p.A (IMA) to distribute automated machineries for the processing and packaging of pharmaceutical products in the Philippines.

In a statement, the listed health care company said Philab Industries Inc. is now the exclusive distributor of IMA pharma machines in the country. It has already sold several units to Pascual Labs and Amherst Laboratories Inc. (UNILAB) since its partnership began.

“It is important for our big pharma companies to use high technology equipment in producing large quantity of quality and consistent tablets and capsules to offer the Philippine market. This is where the expertise of IMA comes in with more than 50 years of reputation in the global pharma industry. Philab pursued this partnership to successfully satisfy the rising demands of the pharma industry,” Paolo Cagalingan, executive vice president of sales and business development, said in a statement.

Maurizio Ferretti, managing director of IMA Pacific Co. Ltd., said the company picked Philab as the sole distributor of its equipment due to its strong performance and reputation.

“We are hopeful that Philab would effectively capture the needs of the Philippine market,” Mr. Ferretti said.

For the first nine months of 2017, Philab narrowed its net loss attributable to the parent to P107 million versus a loss of P860 million from year-ago levels. Revenues were recorded at P155 million for the period.

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...kaya pala may galaw ito eh

Philab invests in a US-based genomics company

PHILAB Holdings Corp. is investing P500 million in a US-based genomics company in a deal seen to boost the Philippine-listed company’s bid to expand overseas.

In a statement on Friday, Philab said it has signed a collaboration deal with Veritas Genetics which it described as a “globally known genomics innovator” that screens human DNA through myGenome “whole genome sequencing” (WGS) that helps in assessing risks related to inherited diseases, drug sensitivities, traits and ancestry.

“We are excited to embark on this partnership with Philab and integrate our technology to offer our services in the Asia-Pacific. Whole genome sequencing and interpretation will soon be accessible to everyone,” Mirza Cifric, co-founder and chief executive officer of Veritas Genetics, said in a statement.

The deal “covers Philab’s investment of Php 500M in Veritas” with plans to establish a genomics facility in the future, the statement read. It will also support the holding firm’s plan to expand its operations worldwide starting from the Asia-Pacific region.

“Genetics has come a long way and now we are utilizing the power of genomics in disease prevention and individual treatment. Ultimately our goal is to let individuals have knowledge about their genetic makeup, then they would know how to control and better manage their lifestyle choices,” said Hector Thomas A. Navasero, Philab chairman and chief executive officer.

Philab said the partners would launch a new program on Pharmacogenomics, which it called an “exciting innovation which allows doctors to determine how an individual’s genetic makeup will respond to drugs.”

Mr. Cifric said the collaboration would enable the company to further develop and launch its genome sequencing services, while expanding its footprint in Asia.

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Philab allots $150M to establish clinics, invest in genomics

PHILAB HOLDINGS Corp. has set a spending plan of $150 million for 2018, as it targets to launch satellite clinics across the country and to invest more into genomics. 

“It depends on how much we could raise…but I would probably put around $150 million for this year,” Philab Chairman and Chief Executive Officer Hector Thomas A. Navasero told reporters after a press conference for its partnership with genetics firm Veritas Genetics last Friday in Makati City.

A total of $100 million of the capital expenditure budget will be used for the development of up to 60 satellite clinics in the country, which can serve primary care to patients unable to immediately reach hospitals.

Mr. Navasero noted these clinics, to be called Philsat, will be attached to potentially larger hospitals.

“They’ll be modern, equipped with the most modern medicine, technology. We can put them up to reduce the costs of health care across the country,” Mr. Navasero said, adding they are studying to establish the first one in Tacloban, Leyte.

For the clinics, the company will be using prefabricated buildings, which will allow them to set up one in 30 to 45 days. A fully equipped clinic could cost up to $1 million each.

In the long term, the company is targeting up to 1,000 satellite clinics in the country.

The Philab executive said the company is looking to partner with the Department of Health and the Philippine Health Insurance Corp., since these are the government entities in charge of putting up such facilities for the people.

Meanwhile, the remaining $50 million will be used to invest in companies with interests in genomics. Genomics is defined as “an emerging medical discipline that involves using genomic information about an individual as part of their clinical care.”

This would complement Philab’s recent partnership with United States-based Veritas Genetics. Philab will be managing Veritas’ operations in the Asia-Pacific region, after investing an initial P500 million into the firm. With this, Veritas will build a facility in Clark, Pampanga that will oversee genetics testing in the Asia-Pacific region, excluding China.

“There will be $50 million for the genetics, pharmaceuticals… Specialized medicine I think is where we’re going,” Mr. Navasero said.

Asked how the capex program will be funded, Mr. Navasero said the company has around $55 million in commitments from several investors.

“We have commitments from specific investors, family funds that are very keen on what we’re doing,” he said. 

To raise the remaining amount needed for the capex, Mr. Navasero said he is willing to bring down his ownership in the firm to as low as 30-40%.

A regulatory filing shows Mr. Navasero held a total of 1.70 billion shares in Philab as of Dec. 31, 2017, equivalent to an 82.436% stake in the company.

“I know it’s dilutive, but we’re not here to keep control of our large company… So we hopefully will raise $100 to $150 million,” Mr. Navasero said. 

Philab widened its net loss to P107.85 million in the first nine months of 2017, against the P860,006 it posted in the same period a year ago. Revenues stood at P155.15 million.

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Philab’s net revenue hit P1.4b in 2017

Healthcare company Philab Holdings Corp. reported a record net revenue of over P1.44 billion in its first year of operations as a publicly listed firm.  

Philab completed a backdoor listing with Alterra Capital Partners Inc. and changed its name to Philab Holdings Corp. in late 2016.

It said net income increased P106.3 million or 4,226 percent from the reported loss of P2.5 million in 2016 to a profit of P103.8 million in 2017. 

Earnings before interest and taxes grew P347 million or 29,419 percent from a loss of P1.1 million to a profit of P346 million. 

Assets increased by 2,142 percent to P3.422 billion from just P153 million in 2016. Total stockholders’ equity also increased P612 million or 2,352 percent, from P26 million in 2016 to P638 million in 2017. 

Philab said the revenue and profit growth were driven by the successful business ventures it closed last year. 

“We are pleased with our performance and the progress that we have achieved for the past year and we will continue to amplify our projects this year to exceed our profit margin,” said Philab Holdings chairman and chief executive Tom Navasero.

Philab recently closed its first tranche of a foreign private placement with Epitrek Ventures Ltd. worth P250 million out of  P1 billion total investment, and its subscription agreement of P500 million with Yamazaki Financial Ltd. The funds will be used for the company’s expansion plans in molecular diagnostics and genetics. 

The firm said the Department of Education also lifted its suspension and allowed subsidiary Philab Industries to participate in DepEd’s bid for 2018.

“The past year was a testament of what the firm can achieve. We are optimistic in sealing more partnerships this year and reaching greater heights,”  Navasero said.


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