Cipla Medpro South Africa (Pty) Limited ("Cipla Medpro"), wholly owned subsidiary of Cipla Limited, India ("Cipla") and South Africa's fourth largest pharmaceutical company in the private sector, today announced its plans to acquire a 1 00% stake in Mirren (Pty) Limited ("Mirren"). Mirren is a South African over-the-counter (OTC) pharmaceutical manufacturer and distributor, which has been in operations for 35 years. The transaction is subject to the approval by the Competition Commission of South Africa.
Paul Miller, CEO of Cipla South Africa, said that once approved, the transaction will enhance Cipla's current OTC portfolio, by adding Mirren's well-established brands such as Bronco! cough syrup, Coryx, Tensopyn, and Ultimag. This deal will also increase Cipla's local manufacturing footprint.
Lynton Lomas, director of Mirren, said: "The acquisition by Cipla will help to ensure that, the continued growth that the Mirren brands have achieved over the past three years will be sustained. The wellbeing of Mirren's dedicated staff was one of the biggest deciding factors during this process."
"We foresee that this transaction will aid Cipla greatly in future by further improving the range of quality medication that we are able to offer South Africans. Furthermore, Cipla aims to take full leverage of this proposed transaction to deliver on its ethos of "Caring for Life", by providing quality, affordable medical products", said Paul Miller.
Shares of CIPLA LTD. was last trading in BSE at Rs.624.05 as compared to the previous close of Rs. 630.6. The total number of shares traded during the day was 53804 in over 960 trades.
The stock hit an intraday high of Rs. 630 and intraday low of 620. The net turnover during the day was Rs. 33646556.