Cipla buys pharma distributor Duomed in Brazil

Cipla (EU) Limited, the UK-based wholly owned subsidiary of Cipla, has entered into a definitive agreement for the acquisition of 100% stake in Duomed Produtos Farmaceuticos Ltda, a limited liability company in Brazil for a cash consideration of Brazilian Real (R$) 1,293,600 (about Rs 2.6 crores).
 
Duomed was incorporated on June 10, 2013. It has in place approval of ANVISA (Brazilian health authority) and other regulatory authorities to import and distribute pharmaceutical products in Brazil. The acquisition is part of company's front-end strategy and will expedite its product registrations in Brazil.
 
The transaction is expected to be completed by end of May 2015, subject to certain closing deliverables.