Jul 12: Cipla Medpro South Africa (Pty) Ltd, a wholly owned subsidiary of Mumbai-based drug maker Cipla Ltd and South Africa’s fourth largest pharmaceutical company in the private sector, on Thursday announced its plans to acquire a 100% stake in Mirren (Pty) Ltd for a cash consideration of R 450 million.
Mirren is a South African over-the-counter (OTC) pharmaceutical manufacturer and distributor, which has been in operations for 35 years. The transaction is subject to the kidsapproval by the Competition Commission of South Africa, according to the company.
Paul Miller, CEO of Cipla South Africa, said that once approved, the transaction will enhance Cipla’s current OTC portfolio, by adding Mirren’s well-established brands such as Broncol Cough syrup, Coryx, Tensopyn, and Ultimag. This deal will also increase Cipla’s local manufacturing footprint.
Commenting on the development, Lynton Lomas, director of Mirren, said, “the acquisition by Cipla will help to ensure that, the continued growth that the Mirren brands have achieved over the past three years will be sustained. The wellbeing of Mirren’s dedicated staff was one of the biggest deciding factors during this process.”
“We foresee that this transaction will aid Cipla greatly in future by further improving the range of quality medication that we are able to offer South Africans. Furthermore, Cipla aims to take full leverage of this proposed transaction to deliver on its ethos of ‘Caring for Life’, by providing quality, affordable medical products”, said Miller.