Drugmaker Cipla said that it has agreed to acquire an additional stake in digital tech company GoApptiv for Rs 25.90 crore.
Post completion of the deal, Cipla’s total stake in GoApptiv will increase to 22.02% on a fully diluted basis.
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 subject to fulfillment of necessary closing conditions, Cipla said in a statement.
The company’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,” said Umang Vohra, Cipla’s MD and global CEO.
“‘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,” Vohra added.
GoApptiv incorporated in 2013, 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
including distribution, digital solutions, integrated brand sales management, digital marketing, patient support and healthcare data analytics, channel engagement etc., for healthcare companies.
Source: Economic Times