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Cipla’s arm Meditab sells stake in Jiangsu for $18.5 million

The closing of the transaction is subject to receipt of applicable regulatory approvals in China

The closing of the transaction is subject to receipt of applicable regulatory approvals in China

Drug major Cipla said its Mauritius subsidiary Meditab Holdings has signed a deal to sell its entire 48.22 per cent stake in China-based Jiangsu Cdymax Pharmaceuticals for $ 18.5 million (over Rs 114 crore).

” Meditab Holdings, Mauritius, a wholly-owned subsidiary of the company, has entered into a definitive agreement to sell its entire 48.22 per cent equity interest in Jiangsu Cdymax Pharmaceuticals Co, China to an affiliate of one of the other shareholders of Jiangsu, for a total consideration of $ 18.5 million,” Cipla said in a filing to the BSE.

According to a report in PTI, the closing of the transaction is subject to receipt of applicable regulatory approvals in China, it added.

EP News BureauMumbai

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First published on: 10-12-2014 at 20:04 IST
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