Cipla advances 2% on acquisition of two US companies

Moneycontrol BureauShares of Cipla gained 2 percent intraday Thursday on acquisition of two US companies.The company's UK arm, Cipla (EU) has completed the acquisition of two US-based companies, InvaGen Pharmaceuticals Inc., and Exelan Pharmaceuticals Inc.The acquisition was made by Cipla (EU) through a wholly owned special purpose vehicle which would merge into InvaGen Pharmaceuticals Inc. after the acquisition.The combined revenue for the two companies for the year-ended 2015 is over USD 230 million. Umang Vohra, Global Chief Operating Officer, Cipla said, "The acquisition will further strengthen Cipla’s presence in the US pharmaceutical market. InvaGen’s balanced portfolio, robust manufacturing base and strong R&D capabilities will act as lever to expand Cipla’s reach in the US market."Cipla had registered 4.7 percent rise in its consolidated net profit at Rs 343.20 crore in the quarter ended December 2015 against Rs 327.85 crore, in the same quarter last year. At 09:55 hrs Cipla was quoting at Rs 527.80, up Rs 8.10, or 1.56 percent on the BSE.Posted by Rakesh Patil