Deals
Cipla Steps Up U.S. Expansion With $550 Million Acquisitions
- Indian company's U.K. arm to acquire InvaGen and Exelan
- Deal will give Cipla U.S. manufacturing, research facilities
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Cipla Ltd. agreed to buy two U.S generic drugs companies for $550 million as the Mumbai-based business seeks to expand in the world’s biggest pharmaceutical market.
Cipla’s U.K. arm is acquiring InvaGen Pharmaceuticals Inc. and Exelan Pharmaceuticals Inc. in an all-cash deal subject to certain closing conditions, according to an exchange filing on Friday. The shares pared initial gains, closing down 0.9 percent at 649.55 rupees. The benchmark S&P BSE Sensex fell 2.2 percent.