The aforesaid agreement also includes acquisition of Ivia’s brands namely Astaberry, Ikin and Bhimsaini on a worldwide basis.
'This strategic move is aligned with Cipla’s focus on enhancing its consumer healthcare and wellness portfolio,” the company said in a statement.
Cipla Health (CHL) is the wholly owned subsidiary and consumer healthcare arm of Cipla. CHL has a diverse portfolio of 20 brands with most key brands being No. 1/ 2 in their respective categories. The portfolio includes products in pain care (Omnigel), smoking cessation (Nicotex), oral rehydration solutions (Prolyte), medicated ointments (Cipladine), cough & cold (Cofsils and Naselin), multi vitamins (Maxirich), weight gain (Endura Mass) and personal care (Rivela Dermascience, Cetafresh, Tugain Essentials).
This transaction is expected to enhance CHL’s consumer healthcare and wellness portfolio. Brands of Ivia complement CHL's offerings in the skin care segment and shall enrich the portfolio with trusted and effective solutions for consumers.
The transaction is expected to be completed within 60 days from the signing of BTA or such other date mutually agreed between the parties in writing and shall be subject to successful completion/waiver of the conditions precedent and closing conditions as mentioned in such BTA.
The acquisition has been made for a cash consideration of Rs 240 crore. A sum of Rs 130 crore would be paid as on closing date. The payment of remaining Rs 110 crore is contingent upon achievement of certain financial parameters (milestones) for next 3 years as mentioned in the BTA.
Shivam Puri, chief executive officer and whole time director of CHL, said: “This move not only solidifies our presence in the expansive and dynamic beauty and personal care sector but also builds on our well-established footprint in Tier 2-6 cities.
Our target consumer base is discerning and seeks variety, especially when it comes to new brands in personal care.
Integrating Astaberry, Ikin and Bhimsaini into our portfolio seamlessly complements our existing offerings across key OTC/consumer healthcare categories, empowering us to deliver comprehensive solutions that cater effectively to the diverse everyday needs of our consumers.”
Cipla is a global pharmaceutical company focused on agile and sustainable growth, complex generics, and deepening portfolio in our home markets of India, South Africa, North America, and key regulated and emerging markets.
The pharmaceutical company reported 31.82% increase in consolidated net profit to Rs 1,055.90 crore on 13.53% rise in revenue from operations to Rs 6,505.66 crore in Q3 FY24 over Q3 FY23.
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