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The proposed investment is subject to completion of certain conditions precedent and applicable regulatory approvals, said a statement.
Cipla is in the process of expanding business into other Asian countries. Earlier, it had acquired front-end distribution firm in Sri Lanka and Yemen. In June, Cipla made its fifth global acquisition deal within a span of a year, with buying 51 per cent stake in a pharmaceuticals manufacturing and distribution business in Yemen for $21 million. On June 17, it had acquired a 60 per cent stake in a Sri Lankan company for $14 million.
Last month, Cipla had signed an agreement with American company Salix Pharmaceuticals, under which Cipla has granted Salix exclusive rights over certain patent applications in the 'Rifaximin Complexes' patents owned by Cipla.
On Friday, Cipla shares closed at Rs 623.25, up by 0.39% on BSE.
