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| Exchange Disseminated Time | Cipla Ltd has informed BSE that Cipla (EU) Limited, U.K., a wholly owned subsidiary of the Company, has entered into a definitive agreement for acquisition of 100% stake in Duomed Produtos Farmaceuticos Ltda. ("Duomed"), a limited liability Company in Brazil for a cash consideration of Brazilian Real (R$) 1,293,600 (approx. INR 2.6 crores).
Duomed was incorporated on June 10, 2013. It has in place approval of ANVISA (Brazilian health authority) and other regulatory authorities to import and distribute pharmaceutical products in Brazil. The acquisition is part of Company's front-end strategy and will expedite its product registrations in Brazil.
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.
The transaction is expected to be completed by end of May 2015, subject to certain closing deliverables. |
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