Pharma firm Piramal Healthcare on Tuesday said it has entered into an agreement for acquiring Cipla’s contraceptive pill brand, i-pill, in India for Rs 95 crore.
‘i-pill’ is an emergency contraceptive pill (ECP) and is available over the counter at local chemists. It is not an abortion pill, the company said in a filing to the National Stock Exchange.
The company has signed a definitive agreement for purchase of all intellectual property rights in India related to i-pill brand of Cipla, Piramal Healthcare said.
“i-pill magnifies the indomitable spirit of the new Indian woman who is resilient in the face of every adversity,” Piramal Healthcare Executive Director-Strategic Alliances and Communications Swati A. Piramal said.
The acquisition of i-pill strengthens Piramal’s over the counter (OTC) portfolio, which has strong consumer brands such as Lacto Calamine skin care range, Supractiv Complete, Saridon and Polycrol antacid.
“Our decision to divest the brand is driven by our current domestic product portfolio focused on prescription drugs. We are pleased that Piramal Healthcare, with a strong OTC portfolio has bought the brand and are confident that they will successfully accelerate the future growth of this brand,” Cipla Joint Managing Director Amar Lulla said.
Kotak Investment Banking acted as the exclusive financial adviser to Cipla for this transaction.
Shares of Cipla were trading at Rs 342.55 on BSE, up 2.71 per cent and Piramal Healthcare were trading at Rs 427, up 3.70 from their previous close on BSE.
