Cipla board approves investment in consumer healthcare division

Through Cipla Consumer Healthcare, company entered over-the-counter healthcare market in India

Indian pharmaceutical major Cipla Limited today announced that the company's board has approved a potential investment by Fidelity Growth Partners India and US-based Fidelity Biosciences, through FIL Capital Investments(Mauritius) II Limited or its affiliates, in its recently launched consumer healthcare business.

Through Cipla Consumer Healthcare, the company entered the over-the-counter(OTC) healthcare market in India with an idea to leverage the parent company's R&D and innovation platform to provide innovative solutions to meet the unmet needs of the Indian consumer. The investment is subject to definitive agreements and regulatory approvals.

Cipla's CHC division has recently launched its first product, Nicotex, a gum that helps smokers to quit the habit. The Indian consumer health care market is currently pegged at $4 billion and is expected to reach $10 billion by 2020.