Adcock Ingram, South Africa second-biggest drug maker, made about R50 million ($4.5 million) profit after tax in the quarter to September this year, Chairman Brian Joffe, said on Friday.

The firm was recently at the centre of a vicious take-over bid between Bidvest and Chile’s drug-maker, CFR Pharmaceuticals.

The much-talked about R12.8 billion ($1.2 billion) attempt to acquire Adcock Ingram by CFR Pharmaceuticals’ (CFR) failed because of Bidvest’s intervention. This was after Adcock Ingram and CFR admitted there was no chance that a deal between them could be permitted to go ahead by the requisite 75 percent of shareholders.

The deal was thwarted by the fact that Bidvest, which had been in the running for the acquisition of Adcock Ingram, had upped its stake in Adcock Ingram to 35 percent.

South Africa’s Public Investment Corporation (PIC), the South African government pension funds manager, which holds 21 percent in Adcock Ingram had supported Bidvest in thwarting the takeover bid by CFR.

After Bidvest won the tussle for Adcock Ingram, it fired Adcock Ingram chairman Khotso Mokhele and he was replaced by Bidvest chairman Joffe.

Recently, Bidvest rejected claims that it is poised to increase its shareholding in Adcock Ingram.

These claims emerged soon after South Africa’s Competition Tribunal approved the future acquisition of control of the struggling Adcock Ingram to above 35 percent.

“Given the on-going uncertainty concerning the current trading performance of Adcock Ingram, Bidvest continues to evaluate its position, but has not determined whether to make a general offer to Adcock Ingram shareholders,” Bidvest said at the time.

Adcock Ingram has operations in South Africa, Ghana, East Africa and Zimbabwe.