Ciplas step-down subsidiary in US to divest 25.93% stake held in Avenue Therapeutics

27 Jul 2022 , 09:11 AM

Cipla announced that lnvaGen Pharmaceuticals Inc., wholly owned step-down subsidiary of the Company in USA has entered into a Share Repurchase Agreement on 25 July 2022 with Avenue Therapeutics, Inc. (Avenue) and Fortress Biotech, Inc., for sale of 5,833,333 shares representing 25.93% of equity stake (on a fully diluted basis) held in Avenue for a consideration of USD 3 million and an additional amount upto USD 4 million on satisfaction of certain conditions. On completion of the repurchase, Avenue shall cease to be an associate of the CompanyPowered by Capital Market – Live News