Cipla announced that Meditab Holdings, Mauritius, a wholly owned subsidiary of the company, has entered into a definitive agreement to sell its entire 48.22% equity interest in Jiangsu Cdymax Pharmaceuticals Co., China (Jiangsu) to an affiliate of one of the other shareholders of Jiangsu, for a total consideration of USD 18.5 million.
The closing of the transaction is subject to receipt of applicable regulatory approvals in China.
Shares of the company gained Rs 7.35, or 1.15%, to trade at Rs 647.20. The total volume of shares traded was 30,654 at the BSE (11.07 a.m., Wednesday).