Cipla has proclaimed that its South African subsidiary will procure 30 per cent shares in Brandmed Ltd. The acquisition will incorporate an advanced cash consideration of INR 32 crore (ZAR 65 million), as reported by the Indian daily news, Money Control.
The South African-based company, Cipla Medpro will pay out milestone payment, besides advanced cash consideration, for a time period of three years.
"This transaction will help to transition healthcare from being reactive to a proactive and real-time monitoring model that focuses on promoting wellness instead of managing illness," Paul Miller, CEO of Cipla, said in the statement, as reported by the Indian daily news, Money Control.
By pairing the company's strengths with Brandmed's innovative, patient-centric approach in healthcare, Cipla Medpro will enhance its diverse portfolio in the NCD area to provide holistic care to patients from awareness to disease management, thereby enabling patient adherence and compliance, Miller added.
Brandmed, the Indian healthcare firm, was founded in 2014. The healthcare company has created integrated solutions to address results and value-based care for ailing patients who have chronic lifestyle and inflict from non-communicable diseases (NCDs).