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Cipla’s arm to sell 25.93% stake in Avenue Therapeutics

27 Jul 2022 Evaluate

Cipla’s wholly owned step-down subsidiary in USA -- InvaGen Pharmaceuticals has entered into a Share Repurchase agreement on July 25, 2022 with Avenue Therapeutics (Avenue) and Fortress Biotech, for sale of 5,833,333 shares representing 25.93% of equity stake (on a fully diluted basis) held in Avenue for a consideration of $3 million and an additional amount upto $4 million on satisfaction of certain conditions.

The consideration amount is subject to completion of closing conditions and future financing by Avenue. On completion of the repurchase, Avenue shall cease to be an associate of the Company.

Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients.

Cipla Share Price

1237.85 -0.45 (-0.04%)
20-Apr-2026 10:38 View Price Chart
Peers
Company Name CMP
Sun Pharma Inds. 1671.20
Dr. Reddys Lab 1235.00
Cipla 1237.85
Zydus Lifesciences 942.05
Lupin 2330.00
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