Cipla's arm Meditab sells stake in Jiangsu for $18.5 million

Drug major Cipla today said its Mauritius subsidiary Meditab Holdings has signed a deal to sell its entire 48.22% stake in China-based Jiangsu Cdymax Pharmaceuticals for $18.5 million (over Rs 114 crore).

"Meditab Holdings Ltd, Mauritius, a wholly owned subsidiary of the company, has entered into a definitive agreement to sell its entire 48.22% equity interest in Jiangsu Cdymax Pharmaceuticals Co Ltd, China to an affiliate of one of the other shareholders of Jiangsu, for a total consideration of USD 18.5 million," Cipla said in a filing to the BSE.

The closing of the transaction is subject to receipt of applicable regulatory approvals in China, it added.

Shares of Cipla were today trading at Rs 648 per scrip in the afternoon trade on the BSE, up 1.27% from its previous clsoe.