Cipla promoters firm buys out minority investors in OkasaMumbai: Hamsons, a firm owned by the promoter family of pharmaceuticals major Cipla, has bought out the remaining 21 per cent equity owned by minority shareholders in Satara-based Okasa Pharma for an undisclosed amount, completing
Mumbai: Hamsons, a firm owned by the promoter family of pharmaceuticals major Cipla, has bought out the remaining 21 per cent equity owned by minority shareholders in Satara-based Okasa Pharma for an undisclosed amount, completing the process it started last September.
The acquisition is part of a two-way transaction under which the Yusuf Khwaja Hamied-run Cipla's wholly-owned arm Medispray Laboratories concluded a deal to buy two manufacturing facilities of Okasa last September, said a release from Mumbai-based investment banking firm Singhi Advisors, which was the advisor to the transaction.
When contacted, a Cipla spokeswoman declined to comment on the latest transaction, saying the Okasa deal was done last September and the company has nothing more to add.
The deal to acquire the stake of minority stakeholders was concluded last week, Singhi Advisors said.
In September, Cipla paid Rs 29 crore for Okasa Pvt Ltd's Goa facility, while it bought another plant owned by Okasa Pharma in Satara, western Maharashtra, for Rs 71.93 crore.
Both these privately held firms are owned by the people associated with the Hamied family.
Okasa undertakes contract manufacturing for domestic and global pharma companies for over 800 drugs. Cipla has been aggressively expanding its footprint through acquisitions to ramp up its market share.