New Delhi: Drug firm Cadila Healthcare on Monday said it will acquire 51% stake in Windlass Healthcare for 155.55 crore.

“Objective of this investment is to expand pharma manufacturing footprint," Cadila said.

Cadila Healthcare said it has entered into an agreement to acquire 51% share capital of Windlass Healthcare Pvt Ltd. The cost of acquisition is 155.55 crore and it will be completed by end of September 2018, it added.

The deal does not constitute related party transaction, the company said in a BSE filing.

Cadila Healthcare on Monday posted over three fold jump in consolidated net profit to 460.5 crore for the quarter ended 30 June, 2018 on account of robust sales. Its net profit was 138.4 crore in the year-ago period.

Cadila Healthcare’s total revenue from operations stood at 2,893.7 crore for the June quarter. It was 2,234.8 crore in the same period a year ago.

“The company’s business in the US posted sales of 1,230 crore, up 27%," it said. During the quarter, the company launched 9 new products in the US. It filed 3 additional abbreviated new drug applications (ANDAs) with the US health regulator FDA and received 13 ANDA approvals during the quarter.

Cadila Healthcare’s India formulations business posted sales of 893 crore, up 40%.

Shares of Cadila Healthcare fell 5.83% to close at 354.55 on BSE.

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