Cipla offers to buy South Africa's Cipla Medpro for $512 million

Source : REUTERS
Last Updated: Thu, Feb 28, 2013 04:40 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

Indian drugmaker Cipla said it has offered to buy all shares in South Africa's third largest drugmaker Cipla Medpro for a total consideration of about $512 million.

Cipla, India's fifth largest drugmaker by sales, had last year offered to buy 51 percent equity in Cipla Medpro for $215 million at 8.55 rands a share. Cipla has now raised the price to 10 rands a share, it said in a statement.

The Indian drugmaker's Chairman Y. K. Hamied had said early this month the company had put the deal on hold.

Shares in Cipla were up 0.8 percent at 367.40 rupees by 0346 GMT when the Mumbai market was up 0.88 percent.

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