Cipla UK arm inks pact to purchase 6.9124 percent stake in Cipla Jiangsu Pharma
Mumbai: Cipla (EU) Limited, wholly owned subsidiary of the Company in UK, has entered into a definitive agreement for the purchase of the entire 6..9124% equity interest of Jiangsu Xidi Pharmaceuticals Co., Ltd. (formerly known as Jiangsu Acebright Pharmaceuticals Co., Ltd.) held in Cipla (Jiangsu) Pharmaceuticals Co., Ltd., China (‘Cipla Jiangsu’), subsidiary.
Upon completion of the transaction, Cipla Jiangsu will become a wholly owned step-down subsidiary of the Company.
Cipla Jiangsu was incorporated in China on 8th August 2019 as a joint venture between Cipla (EU) Limited and Jiangsu XiDi Pharmaceuticals Co., Ltd (‘Xidi’), for the purpose of manufacturing, selling and distribution of pharmaceutical products, research and development services and analytical development services. Cipla Jiangsu has set-up a manufacturing facility in China, primarily focused on inhalation respules products.
Currently, Cipla EU and Xidi holds 93.0876% and 6.9124% equity interest respectively in Cipla Jiangsu.
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The transaction is expected to be completed on or before 15th November 2024 or such other date as maybe mutually agreed between the parties and shall be subject to successful completion/ waiver of conditions as mentioned in such definitive agreements and receipt of regulatory approvals.
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Established in 1935, Cipla is a global pharmaceutical company focused on agile and sustainable growth, complex generics, and deepening portfolio in its home markets of India, South Africa, North America, and key regulated and emerging markets. It has strengths in the respiratory, anti-retroviral, urology, cardiology, anti-infective, and CNS segments. It has 47 manufacturing sites around the world which produces 50+ dosage forms and 1,500+ products using cutting-edge technology platforms to cater to its 80+ markets.
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