Cipla to buy Yemeni pharma company for $ 21mn

Cipla Ltd has signed a definitive agreement to acquire a 51% stake in a pharmaceuticals manufacturing and distribution business in Yemen (in turn owned by a UAE based parent company). Cipla will pay $ 21 million (about Rs 126 crore) for this transaction, with additional considerations to be paid over the next 3 years on achievement of agreed milestones.
 
Given the recent preference to local manufacturing, this secures Cipla’s presence in a fast growing Yemeni, where it has already launched over 200 products.
 
This is Cipla’s second deal this month. On June 17, 2014, the company announced the deal to acquire Sri Lankan company, which markets Cipla's products in the country, for $14 million.