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Jul, 12 2018

Cipla to buy South African drugmaker Mirren for $33 mn

The Indian company will pay 450 million South African rand (Rs 228 crore or $33 million) for Mirren in cash, it said in a stock-exchange filing.

Cipla to buy South African drugmaker Mirren for $33 mn

Cipla Ltd, India’s second-largest drugmaker by market value, has agreed to acquire South Africa’s Mirren (Pty) Ltd to strengthen its foothold in the African nation.

The Indian company will pay 450 million South African rand (Rs 228 crore or $33 million) for Mirren in cash, it said in a stock-exchange filing.

Paul Miller, CEO at Cipla South Africa, said that the transaction will enhance Cipla’s OTC portfolio by adding Mirren’s well-established brands such as Bronco! cough syrup, Coryx, Tensopyn and Ultimag. The deal will also increase Cipla’s local manufacturing footprint.

Mirren, set up in 1983, makes over-the-counter (OTC) pharmaceutical products. It is South Africa’s fourth-largest pharmaceutical company in the private sector, and also has presence in Namibia and Botswana.

Mirren’s revenue for the year through February 2018 rose to 152 million rand from 123 million rand the year before and 83 million rand in 2015-16.

The deal is likely to be completed by the end of September.

The transaction is subject to the approval by the Competition Commission of South Africa.

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