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Cipla to invest Rs 26 crore in GoApptiv to raise stake to 22%

The investment will be made in equity shares and Compulsorily Convertible Preference Shares and is likely to be completed within 30 days or such other date mutually agreed between the parties, Cipla said in a regulatory filing.

June 28, 2022 / 07:25 AM IST
Cipla: The pharma company reported a 10 percent year-on-year fall in consolidated profit at Rs 370.7 crore in the quarter ended March 2022, impacted by lower operating income and impairment loss with respect to investment in associate company Avenue Therapeutics Inc. Revenue during the quarter grew by 14.2 percent to Rs 5,260.33 crore compared to year-ago period, while EBITDA fell 6 percent to Rs 750 crore in the same period.

Cipla: The pharma company reported a 10 percent year-on-year fall in consolidated profit at Rs 370.7 crore in the quarter ended March 2022, impacted by lower operating income and impairment loss with respect to investment in associate company Avenue Therapeutics Inc. Revenue during the quarter grew by 14.2 percent to Rs 5,260.33 crore compared to year-ago period, while EBITDA fell 6 percent to Rs 750 crore in the same period.

 
 
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Pharma company Cipla has agreed to acquire an additional stake for nearly Rs 26 crore in digital tech company GoApptiv Private to raise its shareholding to 22.02 per cent, the company said.

The investment will be made in equity shares and Compulsorily Convertible Preference Shares and is likely to be completed within 30 days or such other date mutually agreed between the parties, Cipla said in a regulatory filing.

Cipla's earlier investment in GoApptiv in June 2020 has yielded growth and expanded Cipla's channel reach across lower tier towns in India.

"This investment will further strengthen our partnership with GoApptiv enabling wider patient reach with affordable and quality drugs and end-to-end brand marketing and channel engagement across tier 2-6 towns in India. 'Caring for Life' is at the heart of what we do and will guide us towards making such strategic investments to help make a difference in the lives of our patients," Umang Vohra, MD and Global CEO, Cipla Limited, said.

GoApptiv is a digital tech company engaged in the business of offering digital solutions to pharmaceutical companies for increasing patient reach. It offers end to end business solutions including distribution, digital solutions, integrated brand sales management, digital marketing, patient support and healthcare data analytics, channel engagement etc., for healthcare companies.
PTI
first published: Jun 28, 2022 07:27 am
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