Cipla to acquire 11.71% stake in Wellthy Therapeutics

The acquisition will be done for a cash consideration of Rs10.5cr, the company said in a press note.

Feb 19, 2019 02:02 IST India Infoline News Service

Cipla
Cipla’s wholly owned subsidiary Goldencross Pharma has inked the agreement with Wellthy Therapeutics to acquire 11.71% stake in the later. The announcement was made after markets hours to the exchanges on Monday.

The acquisition will be done for a cash consideration of Rs10.5cr, the company said in a press note. As part of the deal, the partners plan to offer a combination of pharmacotherapy and digital therapeutics for improved patient outcomes in the chronic therapies of Diabetology and cardiology, it added.

Under the agreement, a multi-lingual clinically-validated digital disease management platform will be made available to patients living with diabetes or cardiovascular diseases via doctors' clinics or co-packaging on select Cipla brands, the company said.

"This partnership is a result of Cipla's campaign, lnnoventia, which was envisioned as a first-of-its-kind challenge by an Indian pharmaceutical company to encourage innovation-led entrepreneurship and to harness disruptive ideas in healthcare to fulfill unmet patient needs," the company added. 

Cipla Ltd's share price ended at Rs541.35, up by Rs0.95 or 0.18%, from its previous close of Rs540.40 on the BSE.
The scrip opened at Rs541.35 and touched a high and low of Rs544.30 and Rs532.50, respectively. A total of, 16,43,887 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs43,616.27cr.

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