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Cipla Ltd., India's second-largest drug manufacturer by market value, agreed to acquire Mirren (Pty) Ltd in South Africa to strengthen its position in the African country.
In 1965, Paul Miller, CEO of Cipla South Africa, said the deal will enhance Cipla's OTC portfolio by adding Mirren's well-established brands such as Bronco! Cough syrup, Coryx, Tensopyn and Ultimag. The transaction will also enhance Cipla's local manufacturing footprint.
Mirren, established in 1983, manufactures over-the-counter (OTC) pharmaceutical products. It is the fourth largest private sector pharmaceutical company in South Africa and is also present in Namibia and Botswana.
The turnover of Mirren up to February 2018 rose from 123 million rand the previous year to 152 million rand. in 2015-16
The operation is expected to be finalized by the end of September
The transaction is subject to the approval of the Competition Commission of the United States. South Africa.
The Cipla Agreement
The drug manufacturer will acquire Mirren through the 100% owned unit Cipla Medpro South Africa (Pty) Ltd. Medpro was previously Cipla's distribution partner in South Africa; Cipla bought it in 2013 for $ 512 million in order to establish its presence in the region.
Mirren is the third business transaction in South Africa for a year and a half.
The company had last April, the pharmaceutical company Anmarate Pty Ltd for about $ 1.8 million. The previous month, she had sold her animal health business to the African nation to focus on central areas.
Cipla, which is only one of the Indian drug manufacturers Sun Pharmaceutical Industries Ltd in terms of market value, has streamlined its operations globally. It also sold its indirect subsidiary in Croatia
. Last year, for example, it sold its indirect subsidiary in Croatia.
Among other transactions, Cipla made two major acquisitions in the United States for more than $ 550 million at the end of 2015.
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