Indian drug major Cipla Ltd has acquired 100 per cent stake of Croatia-based Celeris d.O.O, a distributor of its products, for an undisclosed amount, the company informed the stock exchange on Thursday.
“Through Cipla Holding B.V., a wholly owned subsidiary of the company, Cipla has acquired 100 per cent stake in Celeris d.o.o., Croatia,” the company said. Celeris is the distributor of Cipla’s products in Croatia, the release added.
According to Subhanu Saxena, Cipla MD and Global CEO, the company has made this acquisition to establish a platform to market its products in the region.
“Following our ambition to front end and establish a platform to market our own products, Celeris represented an opportunity for a ready-made platform, especially for our respiratory launches in Europe,” he said.
Cipla has been looking to expand its influence and focus on overseas markets. The Mumbai-based company made its first overseas acquisition earlier this year by buying Cipla Medpro, its distribution partner in South Africa, for $512 million. Cipla Medpro is South Africa’s third-largest pharma company.
The company bought 14.5 per cent stake in Uganda-based Quality Chemical Industries Ltd (QCIL) for $15 million earlier this month. This took the total stake of the company to 51.05 per cent. Cipla’s subsidiary in Uganda—Meditab Holdings—already owns 36.5 per cent stake in QCIL.
Cipla, which was founded in 1935, has a turnover of $1.5 billion and presence in over 170 countries, including the US, Japan and Australia. The company reported revenue of Rs 2,347 crore for Q2 FY14 and PAT of Rs 376 crore. Cipla’s shares closed at Rs 387.5, down by 0.65 per cent on Thursday.
(Edited by Joby Puthuparampil Johnson)