Cipla Ltd, India’s second-largest pharmaceutical by market value, has agreed to acquire South Africa’s Mirren (Pty) Ltd to strengthen its foothold in the African nation. The Indian company will pay $33 million for Mirren in cash, it said in a stock-exchange filing.
Paul Miller, CEO at Cipla South Africa, said that the transaction will enhance Cipla’s Over The Counter portfolio by adding Mirren’s well-established brands such as Bronco! cough syrup, Coryx, Tensopyn and Ultimag. The deal will also increase Cipla’s local manufacturing footprint.
Mirren, set up in 1983, makes over-the-counter (OTC) pharmaceutical products. It is South Africa’s fourth-largest pharmaceutical company in the private sector, and also has a presence in Namibia and Botswana. The deal is likely to be completed by the end of September.
The transaction is subject to the approval by the Competition Commission of South Africa.
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.”
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