Cipla completed the buyout process for Cipla Medpro
Cipla has completed the buyout of Cipla Medpro for Rs 2,707 crore.
New Delhi, July 17, 2013: The drug firm Cipla has completed the buyout process of South African Pharma company Cipla Medpro for Rs 2,707 crore. The company has completed the acquisition of 100 per cent of the issued shares of Cipla Medpro Ltd for an aggregate consideration of ZAR 4.507million (Rs 2,707 crore), the company said in a statement.
The company also said that the listing of shares of Medpro on the Johannesburg Stock Exchange (JSE) has been terminated from the commencement of business on July 16, 2013. It is interesting to note here that Cipla and Medpro enjoyed a longstanding symbiotic relationship and acquisition will strengthen Medpro’s position in the South African pharma market by leveraging Cipla’s wide range of product portfolio and technological expertise.
Cipla Medpro, the third largest South African pharmaceutical company, was founded in 1993 and is a leading provider of chronic medicines to the public and private sectors.