Drugmaker Cipla Ltd has entered into an agreement to acquire 100 per cent stake in Brazil’s Duomed Produtos Farmaceuticos Ltda, for about Rs 2.6 crore.
The acquisition is part of Cipla’s front-end strategy and will expedite its product registrations in Brazil, it said, adding that the transaction was expected to be completed by the end of May 2015.
Duomed was incorporated on June 10, 2013, and has in place approval of ANVISA (Brazilian health authority) and other regulatory authorities to import and distribute pharmaceutical products in Brazil, Cipla said.
Through its UK-based wholly-owned subsidiary, Cipla (EU) Ltd, the company inked the agreement with the limited liability company in Brazil for a cash consideration of Brazilian Real (R$) 1,293,600, Cipla told the Bombay Stock Exchange.