Cipla to buy 21.85 pc stake in health-tech startup GoApptiv
In the first stage, a subscription of 15,392 compulsorily convertible preference shares and purchase of 6,927 equity shares is expected to be closed within 30 days from the execution date, subject to certain conditions precedent, In the second stage, "subscription of 12,314 compulsorily convertible preference shares is expected to close by October 31, subject to certain conditions precedent," Cipla added.
Mumbai: Pharma major Cipla on Wednesday said it will acquire a 21.85 percent stake in GoApptiv on a fully-diluted basis in two phases. The cost of acquisition is Rs 9 crore (Rs 5.80 crore in the first stage and Rs 3.20 crore in the second stage), it said in a regulatory filing.
In the first stage, a subscription of 15,392 compulsorily convertible preference shares and purchase of 6,927 equity shares is expected to be closed within 30 days from the execution date, subject to certain conditions precedent, In the second stage, "subscription of 12,314 compulsorily convertible preference shares is expected to close by October 31, subject to certain conditions precedent," it added.
GoApptiv offers digital solutions for integrated brand sales management, digital marketing, and channel engagement for pharmaceutical companies. It also provides digital solutions for customer relationship management, patient support, and healthcare data analytics.
Through an equity investment, representing a 21.85 percent stake in GoApptiv, the drug firm will strengthen its partnership with the firm so as to enable the widening reach of its key brands in the tier-3 plus towns, Cipla said. The shares of Cipla were trading at Rs 648.20 apiece on BSE in morning trade, up 1.30 percent from their previous close.
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