Drugmaker Cipla Ltd said on Wednesday unit Cipla UK has invested $3 million (Rs 20 crore) more in Chase Pharmaceuticals Corp as part of a previous deal.
Cipla UK’s total investment in US-based Chase Pharmaceuticals has now risen to $5.12 million for a 16.7 per cent stake, the Indian company said in a stock-exchange filing.
In May 2014, Cipla agreed to invest $1.5 million for a 14.6 per cent stake in Chase Pharmaceuticals. At the time, Cipla said it would make an additional $4.5 million investment when the US firm achieves certain milestones.
Chase Pharmaceuticals is a clinical-stage biopharmaceutical company that is developing improved treatments for neurodegenerative disorders including Alzheimer’s disease.
Generic drugmaker Cipla has been aggressively growing its footprint internationally through acquisitions.
Last September, Cipla agreed to acquire two US companies–InvaGen Pharmaceuticals Inc and Exelan Pharmaceuticals Inc–for around $550 million. It had also decided to acquire a 51 per cent stake in Uganda-based Quality Chemicals Ltd for $30 million.
In January, it expanded the role of promoter group scion Samina Vaziralli to include mergers and acquisitions and named Umang Vohra its global chief operating officer.