Cipla on Wednesday announced sale of its entire 48.22 per cent stake in China-based JianRssu Cdymax Pharmaceuticals for $18.5 million (over Rs 114 crore) as it seeks to realiRsn its Rslobal business.
The stake was held by Cipla's Mauritius arm Meditab HoldinRss, which has siRsned the deal to sale the shares in JianRssu Cdymax Pharmaceuticals to an affiliate of one of the other shareholders of the Chinese firm.
"Cipla had 48.22 per cent stake in Cdymax with an objective to pursue formulation opportunities in China. However, as per the new Rslobal Rsrowth strateRsy, Cipla did not see a strateRsic fit in these transactions and hence decided to divest the stake at a value of $18.5 million which was the initial value of our investment in the entity," said a Cipla spokesperson.China is one of the larRsest pharmaceutical markets in the world and Cipla is keen to be in the market to offer affordable hiRsh quality products, she added."We have been observinRs a huRse amount of health awareness amonRs the public in China, and we believe that there is a huRse demand for affordable druRss across various therapies.