Mumbai-based pharma major
Cipla has signed an agreement with its Sri Lankan distributor to acquire 60% stake in a new firm for $14 million (nearly Rs 85 crore). The new company will market Cipla’s products in Sri Lanka.
The Indian company has operated in Sri Lanka for more than 15 years and is a big player in the market there.
A definitive agreement has been inked by Cipla (
Mauritius), a wholly owned subsidiary of the Indian firm, with its existing Sri Lankan distributor for the acquisition of 60% stake in a new company. The proposed acquisition is subject to regulatory approvals, Cipla said in a filing to the
BSE.
Of late, Cipla has been active in acquisition as part of its global expansion strategy.
Last year, it completed the buyout of the
South African pharma company Cipla Medpro for Rs 2,707 crore. Last December, Cipla also acquired Croatia-based firm
Celeris, a distributor of its products in that country.
