Cipla acquires 100% stake in Croatia-based Celeris

Drug major Cipla today said its wholly owned subsidiary has acquired Croatia based firm

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Celeris d.O.O, distributor of its products in that country.

Cipla, however, did not share the financial figure for which it has made the acquisition.

"Cipla Holding B V, a wholly owned subsidiary of the company, has acquired 100% stake in Celeris d.O.O., Croatia," Cipla said in a filing to BSE.

The company is the distributor of Cipla's products in Croatia, it added.

Commenting on the development, Cipla MD & Global CEO Subhanu Saxena said: "Following our ambition to front end and establish a platform to market our own products, Celeris represented an opportunity for a ready-made platform, especially for our respiratory launches in Europe."

Established in 1935, Cipla is one of the world's largest generic pharmaceutical companies with a presence in over 170 countries.

Shares of Cipla were today trading at Rs 388.50 per scrip on BSE, down 0.40% from its previous close.

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