Shareholders of Cipla Medpro South Africa have finally given nod to Mumbai-based Cipla’s offer to acquire 100% stake in the foreign company. Earlier this year, Cipla offered close to $500 million to buy out South African affiliate Cipla Medpro by sweetening its bid by 17% after earlier talks stalled over price. In November Cipla offered $215 million for 51% of the company. So, the company would offer 10 South African rand per share, up from its initial bid of 8.55 rand and valuing the company at around 4.5 billion rand ($508 million).
Cipla supplies the bulk of the South African company's drugs through a long-standing agreement; however it has never owned a stake in the Cape Town-based company. This development will give Cipla a direct connect to consumers in South Africa. It also helps the company to integrate its marketing or front-end arm in South Africa with its manufacturing, regulatory and research units.
| Company Name | CMP |
|---|---|
| Sun Pharma. Inds. | 1876.40 |
| Dr. Reddys Labs. | 1180.50 |
| Cipla | 1431.85 |
| Lupin | 2225.00 |
| Zydus Lifesciences | 1117.00 |
| View more.. | |
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