CIPLA LTD. - Updates on Subsidiary
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| 04 Sep 2015 | |
| Cipla Ltd has informed BSE that Cipla (EU) Limited, U.K., the wholly owned subsidiary of the Company, has entered into definitive agreements to acquire 100% stake in two US based companies, InvaGen Pharmaceuticals Inc. (Invagen) and Exelan Pharmaceuticals Inc. (Exelan).<BR><BR>As per the agreement, the cash consideration payable for Invagen is USD 500 million and for Exelan is USD 50 million.<BR><BR>Invagen was incorporated in the year 2003 and is engaged in the business of development, manufacturing, marketing and distribution of generic pharmaceuticals with focus on wide range of therapeutic areas including cardiovascular, anti-infective, CNS, anti-inflammatory, anti-diabetic and anti-depressants. The turnover of Invagen for the financial year ending Dec 2012, Dec 2013 and Dec 2014 was approx. USD 130 million, USD 135 million and USD 190 million respectively.<BR><BR>Exelan was incorporated in the year 2011 and is engaged in the business of sales and marketing of generic pharmaceuticals for the government and institutional market. The turnover of Exelan for the financial year ending Dec 2012, Dec 2013 and Dec 2014 was approx. USD 2 million, USD 14 million and USD 28 million respectively.<BR><BR>The above acquisitions will strengthen the overall presence of Cipla in the US in terms of scale, revenue, manufacturing opportunities and building a wide range of product portfolio.<BR><BR>The transaction is expected to be completed by end of December 2015, subject to completion of certain conditions precedent and receipt of applicable regulatory approvals including the expiration or termination of the waiting period provided for by the Hart-Scott-Rodino Antitrust Improvements Act.<BR><BR>None of the persons belonging to Promoter / Promoter Group(s) of the Company has any interest in the transaction and it is not a related party transaction for the Company. | |
| View all announcements for CIPLA LTD. | Source: BSE India |
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