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Cipla’s Subsidiary Sells Stake In Chinese Pharma Jiangsu

Purba DasDec 18, 2014, 16:30 IST

Drug maker Cipla’s wholly-owned subsidiary in Mauritius, Meditab Holding Limited, plans to sell its entire stake in Chinese pharmaceutical company, Jiangsu Cdymax Pharmaceuticals Co Ltd (Jiangsu), to an associate company of one of the other equity holder of the Chinese firm. The company currently holds 48.22% equity in the Chinese drug maker.
“This is to inform you that Meditab Holding Limited…has entered into definitive agreement to sell its entire 48.22% equity interest in Jiangsu Cdymax Pharmaceuticals Co Ltd, China to an affiliate of one of the other shareholder of Jiangsu for a total consideration of $18.5 million”, said the company in its letter dated December 10, 2014, to the National Stock Exchange (NSE).
The company will be able to complete its stake sale after it obtains regulatory approvals in China.

Image Credit: Indiatimes.com