Cadila Healthcare arm buys 70% in South Africa's Simayla Pharma

Cadila Healthcare arm buys 70% in South Africa's Simayla Pharma
Monday, Jun 9

   MUMBAI - Cadila Healthcare Ltd has acquired 70% stake in South Africa-based Simayla Pharmaceuticals (Pty) Ltd via wholly owned subsidiary Zydus Cadila Healthcare Ltd, the Indian company said in a release today.

   The remaining stake will be held by the company's promoter Ben Classen who will continue to head Simayla's operations.
 

   Simayla is seen reporting revenue of 40.5 mln South African rand (220 mln rupees) in 2008, the release said.

   The market that has opened up for the Cadila group after the Simayla acquisition is estimated at $4.62 bln (198 bln rupees) over the next three years, it said.

   Among the products offered by Simayla, 62% are from the chronic segment and 38% are from the acute segment.

   Over the next three years, the Cadila group plans to launch 50 products in the South African market, the release said.

   At 12:40PM, shares of Cadila were trading at 282.9 rupees on National Stock Exchange, down over 4% from Friday.