Cipla's arm Meditab sells stake in Jiangsu for $18.5 mn

Drug major Cipla on Wednesday said its Mauritius subsidiary Meditab Holdings has signed a deal to sell its entire 48.22 per cent stake in China-based Jiangsu Cdymax Pharmaceuticals for $18.5 million (over Rs 114 crore).

"Meditab Holdings Ltd, Mauritius, a wholly owned subsidiary of the company, has entered into a definitive agreement to sell its entire 48.22 per cent equity interest in Jiangsu Cdymax Pharmaceuticals Co Ltd, China to an affiliate of one of the other shareholders of Jiangsu, for a total consideration of $18.5 million," Cipla said in a filing to the Bombay Stock Exchange.

The closing of the transaction is subject to receipt of applicable regulatory approvals in China, it added.

Representative image. Photograph: Reuters