Cipla (EU) Limited, U.K., a wholly owned subsidiary of Cipla Ltd., has agreed to acquire a 100% stake in Duomed Produtos Farmaceuticos Ltda., a limited liability company in Brazil for a cash consideration of Brazilian Real 1,293,600 ($421,000), according to a filing with the Bombay Stock Exchange. Duomed is an importer and distributor of pharmaceutical products in Brazil

Duomed was incorporated in 2013 and has approval from Brazilian regulatory authorities (ANVISA) to import and distribute pharmaceutical products in Brazil. The acquisition is part of Cipla’s strategy to increase its presence in Brazil.

The transaction is expected to be completed by end of May 2015, subject to certain closing deliverables.

Source: Cipla (Bombay Stock Exchange)