Indian based pharmaceutical company Cipla has completed the acquisition of Cipla Medpro South Africa for a consideration of ZAR4.507bn ($456.43m).
Commenting on the development Cipla managing director and global CEO Subhanu Saxena was quoted by The Economic Times as saying that the investment is aligned with the company's strategy to ascend the value-chain by managing a front end sales force in a market outside India.
"The acquisition aims to further strengthen Cipla's commitment to South Africa and the broader African continent," Saxena added.
"The integrated business will compete more effectively in the changing local and global pharmaceutical environments and as such there will be an increasing focus on key African markets."
Earlier in November 2012, the company offered Cipla Medpro the acquisition of 51% stake at a rate of ZAR8.55 per share.
Durban-based Cipla Medpro Manufacturing is one of the two major divisions of the South African pharma company, while Cape Town-based Cipla Medpro is the second one.
A range of medicines and products against a number of critical care areas, including cardiovascular and respiratory, diabetes, oncology, psychiatry, anti-malarials and HIV/AIDS are offered by Cipla Medpro.