Cipla buys stake in pharmaceutical manufacturing and distribution company in Yemen
Cipla Ltd, a global healthcare company, has signed a definitive agreement to acquire a 51% stake in a pharmaceuticals manufacturing and distribution business in Yemen. Given the recent preference to local manufacturing, this secures the Company's presence in a fast growing market. Cipla already has a leading position in Yemen with over 200 products.
Company will pay USD 21 million for this transaction, with additional considerations to be paid over the next 3 years on achievement of agreed milestones.
Closing of the Transaction is subject to completion of certain conditions precedent.