Cipla acquires Croatia-based Celeris

Drug major Cipla today said its wholly owned subsidiary has acquired Croatia based firm Celeris d.o.o, distributor of its products in that country. Cipla, however, did not share the financial figure for which it has made the acquisition.

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"Cipla Holding BV, a wholly owned subsidiary of the company, has acquired 100 per cent stake in Celeris d.o.o., Croatia," Cipla said in a filing to BSE. The company is the distributor of Cipla's products in Croatia, it added.

Commenting on the development, Cipla MD & Global CEO Subhanu Saxena said: "Following our ambition to front end and establish a platform to market our own products, Celeris represented an opportunity for a ready-made platform, especially for our respiratory launches in Europe."

Established in 1935, Cipla is one of the world's largest generic pharmaceutical companies with a presence in over 170 countries. Shares of Cipla were today trading at Rs 388.50 per scrip on BSE, down 0.40 percent from its previous close.