Indian generic drug maker Cipla Ltd said on Monday it will acquire a 51 per cent stake in a pharmaceuticals manufacturing and distribution company in Yemen for $21 million. The company is currently owned by a group based in the United Arab Emirates.Cipla will also pay certain additional considerations over the next three years on achievement of agreed milestones, release said, without disclosing the amount. Cipla, which is currently strengthening its direct presence in the global market, has acquired controlling stakes in at least four large and medium pharma manufacturing and distribution companies in the US, South Africa, Uganda and Sri Lanka in the past 12 months. These deals are mainly aimed at establishing local production and distribution bases in Cipla’s global markets, where it had been operating through partners.
“Given the recent preference to local manufacturing, this secures Cipla’s presence in a fast growing market like Yemen,” the company said in note to stock exchanges.Cipla already has a strong presence in Yemen with over 200 products sold in that market.
