Cipla's subsidiary buys South Africa's Mirren for 450 mn in South Africa

Drug The Cipla subsidiary signed an agreement for the full acquisition of Mirren (Pty) Ltd in South Africa for a cash consideration of 450 million South African rands (approximately 228 million rupees).

Cipla said that the acquisition of Mirren, specializing in over-the-counter pharmaceuticals, would strengthen its position in the market and help it accelerate its growth in the OTC space.

"The wholly-owned subsidiary of Cipla Medpro South Africa (Pty) Ltd has signed an agreement to acquire a 100% stake in Mirren (Pty) Ltd, South Africa," Cipla said in a brief regulatory.

The transaction was to be approved by the South African Competition Commission and is expected to be completed by September 30, 2018, Cipla said.

"A cash consideration of 450 million South African rand will be paid at the closing of the transaction," the company said.

Mirren (Pty) Ltd, South Africa, recorded a turnover of 152.1 million South African rand for the fiscal year ended February 28, 2018. It is present in South Africa. South, Namibia and Botswana.

Cipla shares traded 1.10% to BSE 631.60 on BSE.