Besides the upfront cash payment, the transaction also involves milestone payments spread over three years on meeting profit targets. The transaction worth Rs 32 crore will be executed by Cipla's South African arm Cipla Medpro.
Cipla said in a statement that it expects to complete the transaction with Brandmed by May 31.
"This will help to transition healthcare from being reactive to a proactive and real-time monitoring model that focuses on promoting wellness instead of managing illness," said Paul Miller, Chief Executive Officer of Cipla Medpro.
"By pairing our strengths with Brandmed' s innovative, patient centric approach to healthcare, Cipla Medpro will enhance its diverse portfolio in the non-communicable disease area to provide holistic care to patients from awareness through to disease management, thereby enabling patient adherence and compliance."
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