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Cipla Medpro to acquire 30 pc stake in Brandmed

Press Trust of India  |  New Delhi 

Drug Tuesday said its South Africa-based subsidiary will acquire 30 per cent stake in the firm (Pty) Ltd for an upfront cash consideration of ZAR 65 million (nearly Rs 32 crore).

Medpro, South Africa's third-largest company in the private sector, will also pay certain milestone payment for the stake acquisition over a period of three years, subject to meeting agreed profit targets.

"This transaction will help to from being reactive to a proactive and real-time monitoring model that focuses on promoting wellness instead of managing illness," Medpro said in a statement.

By pairing the company's strengths with Brandmed's innovative, patient-centric approach in healthcare, will enhance its diverse portfolio in the NCD area to provide holistic care to patients from awareness to management, thereby enabling patient adherence and compliance, he added.

Brandmed, founded in 2014, has developed a fully integrated end-to-end solution to address outcomes and value-based care for patients with and (NCDs) such as hypertension, diabetes, high cholesterol, and chronic obstructive pulmonary

Cipla shares Tuesday fell 1.20 per cent to Rs 559.30 apiece on the BSE. PTI.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 16 2019. 18:50 IST