Cipla sells stake in Chinese JV Jiangsu Cdymax for $18.5 mn

The Mumbai-based drug manufacturer Cipla Ltd has sold off its stake in its Chinese JV, Jiangsu Cdymax Pharmaceuticals Co Ltd, to its partner for $ 18.5 million (about Rs 115 crore). Cipla Ltd informed BSE on December 10, 2014 that Meditab Holdings Limited, Mauritius, a wholly owned subsidiary of the company, has entered into a definitive agreement to sell its entire 48.22 percent equity interest in Jiangsu Cdymax Pharmaceuticals Co Ltdto an affiliate of one of the other shareholders of Jiangsu for a total consideration of $ 18.5 million.
 
The closing of the transaction is subject to receipt of applicable regulatory approvals in China.