Cipla moves up on selling its rights of ‘i-pill’ brand in India to Piramal Healthcare
Cipla has inked a definitive agreement with Piramal Healthcare to sell all Intellectual property rights in India related to its ‘i-pill’ brand for a total consideration of Rs 95 crore.
The scrip is currently trading at Rs 346.25 per share, up 4.55 points or 1.33% on the BSE.
The stock opened at Rs 342 compared to its previous close of Rs 341.70. Intraday, the counter has touched a high and a low of Rs 347 and Rs 339, respectively.
So far, 2,17,000 shares of the company were traded on the BSE.
The stock of the face value of Rs 2 touched its 52-week high of Rs 363 on December 18, 2009 and a 52-week low of Rs 200.25 on March 24, 2009.
The promoters holding in the company as per December 2009 stood at 36.80%, FIIs and DIIs held 17.35% and 16.66%, respectively while others were holding 29.19% stake in the company.
‘i-pill’ is an emergency contraceptive pill (ECP) used to prevent unplanned pregnancy. It features in the top-300 pharmaceutical products and had sales of Rs 30.92 crore for the last twelve months, as per ORG IMS data.
This acquisition will help Piramal to strengthen its over the counter (OTC) portfolio, which has strong consumer brands such as Lacto Calamine skin care range, Supractiv Complete, Saridon and Polycrol antacid.
Piramal Healthcare, a Piramal Group company, is one of India’s largest pharmaceutical companies, with a growth track record of above 29% CAGR since 1988. It had consolidated revenues of US $656 million in FY2009. The company is currently ranked 4th in the Indian pharmaceutical market with a diverse product portfolio spanning fourteen therapeutic areas.
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