Ways2Capital Reviews : Cipla Acquires South African Company Mirren Pty

Cipla, through its South African subsidiary, Medpro South Africa, has acquired 100% stake in another South African company, Mirren Pty, for Rs228cr (450mn South African Rand).

Mirren is a 35-year-old South African OTC pharma company. It has a well-established brand portfolio such as Bronco cough syrup, Coryx, Tensopyn, and Ultimag. Mirren’s FY18 revenue grew by 23.7% yoy to 152mn Rand (Rs77.3cr).

Cipla has said that Mirren's well-established brands will increase its local manufacturing footprint.

Cipla, through Medpro, already has sizable revenue base in South Africa. In FY18, Cipla’s revenue in South Africa grew by 17% yoy to $320mn (14% of its FY18 revenue). In Q4FY18, Cipla's revenue in South Africa grew by 18% yoy to $83mn.

Mirren, on FY18 base would form 3.8% of Cipla’s South African revenue and just 0.5% of consolidated FY18 revenue hence the acquisition is not very sizable.

This transaction is subject to the approval by the Competition Commission of South Africa.
 
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