Cipla's step-down subsidiary in US to divest 25.93% stake held in Avenue Therapeutics
Cipla announced that lnvaGen Pharmaceuticals Inc., wholly owned step-down subsidiary of the Company in USA has entered into a Share Repurchase Agreement on 25 July 2022 with Avenue Therapeutics, Inc.
(Avenue) and Fortress Biotech, Inc., 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 USD 3 million and an additional
amount upto USD 4 million on satisfaction of certain conditions. On completion of the repurchase, Avenue shall cease to be an associate of the Company
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First Published: Jul 27 2022 | 9:11 AM IST