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Cipla subsidiary has signed an agreement to fully acquire South Africa’s Mirren (Pty) Ltd for a cash consideration of South African Rand 450 million (approx Rs 228 crore).
Cipla said the acquisition of Mirren, which specialises in over the counter (OTC) pharmaceutical products, will strengthen its market position and help it to accelerate growth within OTC space.
“The company’s wholly-owned subsidiary Cipla Medpro South Africa (Pty) Ltd has signed an agreement to acquire 100 per cent stake in Mirren (Pty) Ltd, South Africa,” Cipla said in a regulatory filing today.
Cipla has got the approval by the South African Competition Commission and the transaction is expected to be completed before September 30, 2018. “Cash consideration of South African Rand 450 million to be paid on closing of transaction,” Cipla said.
Mirren (Pty) Ltd, South Africa had clocked a turnover of South African Rand 152.1 million for the financial year ended on February 28, 2018. It has presence in South Africa, Namibia and Botswana.
Cipla shares were trading up by 1.55 per cent at Rs 634.40 on the BSE.
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