Cipla to acquire Brazilian drugmaker
Indian pharma company Cipla (BSE: 500087) has informed the Bombay Stock Exchange that its UK subsidiary has entered into a definitive agreement to acquire a 100% stake in Duomed Produtos Farmaceuticos, a limited liability company in Brazil for a cash consideration of 1,293,600 real (around $410,000).
Duomed was incorporated on June 10, 2013. It has in place approval of ANVISA (the Brazilian health authority) and other regulatory authorities to import and distribute pharmaceutical products in Brazil. The acquisition is part of company's front-end strategy and will expedite its product registrations in Brazil, noted Cipla.
None of the persons belonging to promoter/promoter group(s) of the company has any interest in the transaction and it is not a related party transaction for the company. The transaction is expected to be completed by end of May 2015, subject to certain closing deliverables.
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