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Drug maker Cipla has completed the acquisition of Cipla Medpro South Africa Ltd for a consideration of Rs 2,707 crore, the company said.
The listing of Medpro shares on the JSE has been terminated from July 16, Cipla added.
The investment is aligned with Cipla’s strategy to ascend the value-chain by managing a front-end sales force in a market outside India, said Subhanu Saxena, Cipla’s Managing Director and Global Chief Executive.
The acquisition aims to further strengthen Cipla’s commitment to South Africa and the broader African continent, he added.
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