Cipla, a global pharmaceutical company announced that its UK arm, Cipla EU has entered into definitive agreements to acquire two US-based companies.

The two companies are InvaGen Pharmaceuticals Inc., and Exelan Pharmaceuticals Inc.

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BSE 1175.7017.7 (-1.51%)

NSE 1174.0018.4 (-1.57%)

As per the agreement, the cash consideration payable for Invagen is USD 500 million and for Exelan is USD 50 million.

The above acquisitions will strengthen the overall presence of Cipla in the US in terms of scale, revenue, manufacturing opportunities and building a wide range of product portfolio.

The transaction is expected to be completed by end of December 2015, subject to completion of certain conditions precedent and receipt of applicable regulatory approvals including the expiration or termination of the waiting period provided for by the Hart-Scott-Rodino Antitrust Improvements Act, the company said in the press release.

The company stocks gave up morning gains and was een trading lower by 0.58 per cent on BSE at 12.50 pm IST. It touched an intraday high of Rs 679 and low of Rs 651 during the trade.

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