Cipla buys Sri Lankan drug distributor for $14 mn

Last Updated: Tue, Jun 17, 2014 18:28 hrs
Hamied, chairman and MD of Indian generic drugmaker Cipla, speaks on mobile phone in front of cabinets containing company's products before interview in Mumbai

Mumbai-based Cipla Ltd has acquired 60% stake in a Sri Lanka-based company for $14 million. The company, name of which was not yet disclosed, would market Cipla's products in the country, Cipla said on Tuesday.

Cipla 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.

Shares of Cipla were closed at Rs 412.85, down by 0.18% on BSE.

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