HQ Team
November 4, 2022: The management of Cipla, an Indian drug maker, has rejected a plan to transfer its US-based operations based out of its home to a subsidiary, according to a BSE filing.
“In respect of the transfer of the India-based US business undertaking, the board, at its meeting held on November 4 2022, decided not to proceed with the proposed transfer, considering various factors, including the current operating environment. “
At its meeting on January 25, 2022, the board considered and approved the transfer of the India-based US business undertaking to Cipla BioTec Limited, a wholly-owned subsidiary of the company, for INR1.4 billion.
It had also approved the transfer of consumer business undertaking to Cipla Health Limited, a wholly-owned subsidiary of the company, for INR 800 million on a slump sale basis through a Business Transfer Agreement.
Cipla and CHL “completed the business transfer of the Consumer Business Undertaking as agreed under BTA with a closing date of August 31, 2022.”
Cipla, headquartered in India’s financial capital of Mumbai, makes medicines to treat respiratory disease, cardiovascular disease, arthritis, diabetes, and depression.
