India’s drugmaker Cipla offers to buy South Africa’s Cipla Medpro for $512 mn

Drugmaker Cipla has offered to buy all shares in South Africa's third largest drugmaker Cipla Medpro.

Written by Reuters | Mumbai | Published:February 28, 2013 9:38 am

Indian drugmaker Cipla said it has offered to buy all shares in South Africa’s third largest drugmaker Cipla Medpro for a total consideration of about $512 million.

Cipla,India’s fifth largest drugmaker by sales,had last year offered to buy 51 percent equity in Cipla Medpro for $215 million at 8.55 rands a share. Cipla has now raised the price to 10 rands a share,it said in a statement.

The Indian drugmaker’s Chairman Y. K. Hamied had said early this month the company had put the deal on hold.

Shares in Cipla were up 0.8 percent at 367.40 rupees by 0346 GMT when the Mumbai market was up 0.88 percent. (Reporting by Kaustubh Kulkarni; Editing by Jijo Jacob)

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