New Delhi: Drug major Cipla’s subsidiary has signed an agreement to fully acquire South Africa’s Mirren (Pty) Ltd for a cash consideration of South African Rand 450 million (approx 228 crore).

Cipla said the acquisition of Mirren, which specialises in over-the-counter (OTC) pharmaceutical products, will strengthen its market position and help it to accelerate growth within the OTC space.

“The company’s wholly owned subsidiary Cipla Medpro South Africa (Pty) Ltd has signed an agreement to acquire 100% stake in Mirren (Pty) Ltd, South Africa," Cipla said in a regulatory filing.

The transaction requires approval by the South African Competition Commission and is expected to be completed before 30 September 2018, Cipla said. “Cash consideration of South African Rand 450 million to be paid on closing of transaction," the company said.

Mirren (Pty) Ltd, South Africa, had a turnover of South African Rand 152.1 million for the financial year ended 28 February 2018. It has presence in South Africa, Namibia and Botswana. Shares of Cipla closed at 1.2% higher at 632.20 on the BSE.

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