Cipla, Glenmark recall drugs in US due to manufacturing issues
Drug makers Cipla and Glenmark are recalling their products from the US market due to manufacturing issues.
Cipla, India’s leading pharmaceutical company, on Wednesday announced it has decided to acquire a 21.85 per cent stake in GoApptiv Pvt Ltd. The acquisition worth Rs 9 crore will be carried out in two phases i.e. Rs 5.80 crore in the first phase and Rs 3.20 crore in the second phase, the company said in a regulatory filing.
With this deal, Cipla is aiming to reach out to wider customers located in small towns and other far-fetched locations.
In the first phase, subscription of 15,392 compulsorily convertible preference shares and purchase of 6,927 equity shares is expected to be closed within 30 days from the execution date, subject to certain conditions precedent. In the second stage, subscription of 12,314 compulsorily convertible preference shares is expected to close by October 31, subject to certain conditions precedent, company said.
Advertisement
Headquartered in Mumbai, GoApptiv, was founded by Rajasekhar Parcha and Sreeram Venkitaraman. The company offers digital solutions for integrated brand sales management, digital marketing and channel engagement for pharmaceutical companies. It also provides digital solutions for customer relationship management, patient support and healthcare data analytics.
Through an equity investment, representing 21.85 per cent stake in GoApptiv, the drug firm will strengthen its partnership with the firm so as to enable widening reach of its key brands in the tier-3 plus towns, Cipla said.
The shares of Cipla were trading at Rs 648.00 apiece on BSE in morning trade, up 1.27 per cent from their previous close.
Cipla, in February last year, had agreed to acquire an 11.71 per cent stakes in Wellthy Therapeutics Pvt. Ltd for Rs 10.5 crore.
Advertisement
