Cipla has signed a definitive agreement to acquire a 51 per cent stake in a pharmaceuticals manufacturing and distribution business in Yemen. Given the recent preference to local manufacturing, this secures the company’s presence in a fast growing market. Cipla already has a leading position in Yemen with over 200 products.
The company will pay $21 million for this transaction, with additional considerations to be paid over the next three years on achievement of agreed milestones.
Closing of the transaction is subject to completion of certain conditions precedent.
EP News Bureau- Mumbai
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