Cipla's UK arm to acquire additional 19.16% stake in JV Cipla Maroc

5 Aug 2022 , 09:58 AM

Cipla Limited informed that its wholly-owned UK arm, Cipla (EU) Limited, has agreed to acquire an additional 19.16% stake in Cipla Maroc SA, a joint venture and subsidiary of Cipla EU in Morocco.

Cipla Maroc SA is a joint venture between Cipla EU Limited, The Pharmaceutical Institute (PHI), and Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) with 60%, 24.20%, and 15.80% stakes respectively.

The JV Co. has enabled Cipla to establish a front-end participation in Morocco's pharmaceutical market, serving as the launch vehicle for Cipla's portfolio while leveraging partners' commercial strengths.

PHI is selling its shareholding in the JV Co. due to a change in control and the terms of the existing Joint Venture Agreement. As a result, Cipla EU and Cooper Pharma will acquire the entire stake held by PHI in the JV Co. in proportion to their existing shareholding.

Consequent to the acquisition, Cipla EU’s total shareholding in the company will be 79.16%. The balance 20.84% stake shall be held by Cooper Pharma.

The said acquisition is for a total consideration of MAD (Moroccan Dirham) 102.90 million (Rs79.51 crore approx.).

At around 9.52 AM, Cipla was trading at Rs1,039.65 down by 0.46% from its previous closing of Rs1,044.45 on the BSE. The scrip opened at Rs1,044 and touched intraday high and low of Rs1,045.95 and Rs1,035 respectively