Cipla said that its wholly owned subsidiary in UK, Cipla (EU) has entered into definitive agreement with Jiangsu Xidi Pharmaceuticals to acquire 6.9124% stake in Cipla (Jiangsu) Pharmaceuticals.
Cipla Jiangsu was incorporated in China on 8th August 2019 as a joint venture between Cipla (EU) and Jiangsu Xidi Pharmaceuticals Co., (Xidi) for the purpose of manufacturing, selling and distribution of pharmaceutical products, research and development services and analytical development services. Cipla Jiangsu has set-up a manufacturing facility in China, primarily focused on inhalation respules products.Currently, Cipla EU and Xidi holds 93.0876% and 6.9124% equity interest respectively in Cipla Jiangsu.
The said transaction is being carried out in terms of the existing joint venture contract between the parties and will provide Cipla EU with full control and ownership of Cipla Jiangsu.
Upon completion of the transaction, Cipla Jiangsu will become a wholly owned step-down subsidiary of the company. The transaction is expected to be completed on or before 15th November 2024.
Cipla is a global pharmaceutical company focused on agile and sustainable growth, complex generics, and deepening portfolio in our home markets of India, South Africa, North America, and key regulated and emerging markets.
The pharma companys consolidated net profit jumped 18.27% to Rs 1177.64 crore in Q1 FY25 as against Rs 995.70 crore reported in Q1 FY24. Total revenue from operations grew by 5.77% year on year to Rs 6693.94 crore in the quarter ended 30 June 2024.
The counter shed 0.17% to Rs 1,640.45 on the BSE.
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