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InvaGen Pharma to continue to hold shares in Avenue Therapeutics: Cipla

InvaGen Pharmaceuticals, USA is a wholly owned step down subsidiary of Cipla.

January 13, 2022 12:14 IST | India Infoline News Service
Cipla-1
Cipla Ltd has informed to the exchanges regarding termination of Stock Purchase and Merger Agreement (“the SPMA”) with Avenue Therapeutics Inc.

The Company notified that the SPMA entered between InvaGen Pharmaceuticals Inc. (“InvaGen”), USA, wholly owned step down subsidiary of the Company, and Avenue Therapeutics Inc (“Avenue”) has been terminated with effect from November 01, 2021.

However, the ‘Stockholders Agreement’ dated November 12, 2018 between InvaGen, Avenue and other stockholders remains in force; and InvaGen will continue to hold shares in Avenue, said Cipla in a regulatory filing on Wednesday.

At around 12:12 PM, Cipla was trading at Rs923.70 per piece up by Rs16.85 or 1.86% on Sensex.

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