Cipla (EU), U.K., a wholly owned subsidiary of Cipla, has entered into a definitive agreement for acquisition of 100% stake in Duomed Produtos Farmaceuticos, a limited liability company in Brazil for a cash consideration of Brazilian Real (R$) 1,293,600 (approx. Rs 26 million).

Duomed was incorporated on Jun. 10, 2013. It has in place approval of ANVISA (Brazilian health authority) and other regulatory authorities to import and distribute pharmaceutical products in Brazil. The acquisition is part of Company's front-end strategy and will expedite its product registrations in Brazil.

Shares of the company declined Rs 11.8, or 1.6%, to trade at Rs 724.60. The total volume of shares traded was 54,464 at the BSE (10.00 a.m., Thursday).