 "Cipla acquires respiratory device maker Jay Precision for Rs 96 cr")
Cipla Ltd has signed a definitive agreement to acquire majority stake in Jay Precision Pharmaceuticals Private Limited, a Mumbai-based respiratory devices manufacturer, for Rs 96 crore. “The company has signed a definitive agreement to acquire 60% stake of Jay Precision from the existing shareholders, for a cash consideration of Rs. 96 crore,” said Cipla Ltd in a BSE filing.
Jay Precision has a manufacturing facility for respiratory device at Vasai, near Mumbai. “Considering company's leading position in inhalation therapy, this transaction is aimed at integrating the value chain and will serve as platform for development of next generation respiratory devices,” said Cipla.
Pharmaceutical undertaking of Jay Precision Products (India) Private Limited was demerged into Jay Precision effective January 1, 2014. Turnover of Jay Precision for the year ended March 31, 2014 was Rs 30 crores.
The transaction is expected to be completed by end of this financial year, subject to completion of certain conditions precedent.
Jay Precision has a manufacturing facility for respiratory device at Vasai, near Mumbai. “Considering company's leading position in inhalation therapy, this transaction is aimed at integrating the value chain and will serve as platform for development of next generation respiratory devices,” said Cipla.
Pharmaceutical undertaking of Jay Precision Products (India) Private Limited was demerged into Jay Precision effective January 1, 2014. Turnover of Jay Precision for the year ended March 31, 2014 was Rs 30 crores.
The transaction is expected to be completed by end of this financial year, subject to completion of certain conditions precedent.