Cipla purchases 14.6% stake in Chase Pharma
Cipla has invested US$ 1.5 million in this deal.
New Delhi, May 12, 2014: The Indian drug firm, Cipla Ltd has picked up 14.6 per cent stake in the US based Chase Pharmaceuticals Corporation Inc for US$ 1.5 million.
The investment will be done by the wholly owned subsidiary Cipla (EU) Ltd. Cipla also said that the company is planning to invest an additional US$ 4.5 million in the US based pharma firm on achievements of certain milestones.
Cipla said in a BSE filing that the Company has signed a definitive agreement to invest USD 1.5 million in Chase Pharmaceuticals Corporation Inc, US, to acquire 14.6 per cent stake in Chase on a fully diluted basis.
It may be noted here that Chase is an early stake drug development company engaged in novel approaches to improve treatment for Alzheimer's disease.