Cipla bought majority stake in a new distribution company from Sri Lanka to markets its products in that country
Pharmaceutical company Cipla Ltd, on Tuesday, said it bought 60% stake in a new company in Sri Lanka for $14 million (nearly Rs85 crore) to market its products in that country.
Cipla (Mauritius) Ltd, a wholly owned subsidiary of the Indian company, signed a definitive agreement with its existing Sri Lankan distributor for acquisition of 60% stake in a new company, Cipla said in a regulatory filing. “The new company will market Cipla’s products in Sri Lanka”, it added.
“The consideration payable for the transaction is $14 million,” the filing said, adding that the proposed acquisition was subject to regulatory approvals.
As part of its global expansion, Cipla has been actively acquiring companies.
Last year, it completed the buyout of South African pharma firm Cipla Medpro for Rs2,707 crore. Cipla had also acquired Croatia-based firm Celeris, distributor of its products in that country last December.
Cipla closed Tuesday marginally down at Rs412.8 on the BSE, while the 30-share Sensex ended the day 1.3% higher at 25,521.
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