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news.Indian drug-maker Cipla's UK subsidiary has entered into an agreement to acquire 100% stake in Duomed Produtos Farmaceuticos (Duomed), a Brazilian importer and distributor of pharma products, for BRL1.6m ($522,641).
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The deal is part of Cipla’s front-end strategy and will expedite its product registrations in Brazil.
Subject to certain closing deliverables, the transaction is expected to be completed by the end of May 2015.
Duomed was incorporated in 2013 and it has received approvals from Brazilian health authority (ANVISA) and other regulatory authorities to import and distribute pharmaceutical products in the country.
Earlier in February, Cipla (EU) entered into a joint venture agreement with two of its existing business partners in MoroccoSociete Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and The Pharmaceutical Institute (PHI).
The company said it will invest $15m in this new JV, which will help in establishing a front-end presence in Morocco’s pharmaceutical market, becoming the launch vehicle for Cipla’s portfolio while leveraging the commercial strengths of partners.
Cipla (EU) will have 60% stake in the new JV, while Cooper Pharma and PHI shall together hold the remaining 40% stake.