Cipla inks pact to acquire 51% stake in Yemeni Co

Tags: Cipla, Companies
Continuing its overseas acquisitions, pharma major Cipla has inked a pact with a Yemeni firm to acquire its majority stake for $21 million (over Rs 125 crore).

The company has signed a definitive agreement to acquire a 51 per cent stake in a pharmaceuticals manufacturing and distribution business in Yemen, it added.

"The company will pay $21 million for this transaction, with additional considerations to be paid over the next 3 years on achievement of agreed milestones," Cipla said.

Given the recent preference to local manufacturing, this secures the company's presence in a fast-growing market. Cipla already has a leading position in Yemen with over 200 products, it added.

As part of its global expansion, Cipla had completed the buyout of South African pharma firm Cipla Medpro for Rs 2,707 crore last year.

It had also acquired Croatia-based firm Celeris, distributor of its products in that country last December.

Shares of Cipla were today trading at Rs 441 per scrip in the afternoon trade on the BSE, up 0.85 per cent from its last close.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Bureaucrats have enjoyed flying miles at taxpayer expense for too long

    The beleaguered Indian taxpayer will certainly applaud prime minister Narendra Modi’s attempt to deliver on his promise of cutting down fiscal defic

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

<b>Riskfactor</b>: CHAIN REACTION

A domino effect is the cumulative effect produced when one ...

Zehra Naqvi

Rememberance and forgetting are crucial

Memories are so vital to our lives that they can ...

Dharmendra Khandal

Sandalwood may get extinct if not protected

When we talk of sandalwood, the most common usage that ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture