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Cipla to buy 51% stake in Yemen-based distributor for $21 mn

By: Pharma News | Views: 2468 | Date: 21-Jul-2014

India's second largest generic drugmaker Cipla Ltd has signed a definitive agreement to acquire a 51% stake in a pharmaceuticals manufacturing and distribution business in Yemen (owned by a UAE-based parent company) for $21 million (Over Rs 125 crore).

Cipla to buy 51% stake in Yemen-based distributor for $21 mn

India's second largest generic drugmaker Cipla Ltd has signed a definitive agreement to acquire a 51% stake in a pharmaceuticals manufacturing and distribution business in Yemen (owned by a UAE-based parent company) for $21 million (Over Rs 125 crore).



After acquiring 60% stake in a Sri Lanka-based company for $14 million, this is the second buyout of Cipla this month.

According to Cipla, buyout in Yemen will secure the company's presence in a fast growing market, where it already has a leading position with over 200 products. The deal includes additional considerations to be paid over the next three years on achievement of agreed milestones.

At noon today (June 30), the company's stock stood at Rs 422, up by 1.07% on BSE (Bombay Stock Exchange).

Last year, it completed the buyout of South African pharma firm Cipla Medpro for Rs 2,707 crore. Also in December 2013, it had acquired Croatia-based firm Celeris, distributor of its products in that country.

Cipla Ltd has signed a definitive agreement to acquire a 51% stake in a pharmaceuticals manufacturing and distribution business in Yemen (owned by a UAE-based parent company) for $21 million. This is second buyout of Cipla this month. Two weeks ago, Cipla had acquired 60% stake in a Sri Lanka-based company for $14 million.

According to the company, buyout in Yemen will secures company's presence in a fast growing market, where it already has a leading position with over 200 products. The deal includes additional considerations to be paid over the next three years on achievement of agreed milestones.

Cipla shares are traded at Rs 422 intraday, up by 1.07% on BSE.

On June 17th, Cipla had announced acquisition of Sri Lankan company, which would market Cipla's products in the country. Cipla had entered this transaction through its wholly owned subsidiary - Cipla (Mauritius) Limited.

Last year, Cipla had acquired its distribution partner in South Africa - Cipla Medpro South Africa - Ltd for around $512 million.
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