Drug major Cipla's subsidiary has signed an agreement to fully acquire South Africa's Mirren (Pty) Ltd for a cash consideration of South African Rand 450 million (approx Rs 228 crore).
Cipla said the acquisition of Mirren, which specialises in over the counter (OTC) pharmaceutical products, will strengthen its market position and help it to accelerate growth within OTC space.
"The company's wholly-owned subsidiary Cipla Medpro South Africa (Pty) Ltd has signed an agreement to acquire 100 per cent stake in Mirren (Pty) Ltd, South Africa," Cipla said in a regulatory filing.
The transaction required approval by the South African Competition Commission and is expected to be completed before September 30, 2018, Cipla said.
"Cash consideration of South African Rand 450 million to be paid on closing of transaction," the company said.
Mirren (Pty) Ltd, South Africa had a turnover of South African Rand 152.1 million for the financial year ended on February 28, 2018. It has presence in South Africa, Namibia and Botswana.
Shares of Cipla were trading 1.10 per cent higher at Rs 631.60 on BSE.