INVC NEWS
Mumbai : The Pharmaceutical company Cipla is considering buying Ivia Beauty for Rs 130 crore. I Viya Beauty Private Limited is engaged in cosmetics and personal care distribution and marketing business across the globe. This also includes its brands Astaberry, Aikin and Bhimsaini.
The Cipla Health Ltd (CHL), a wholly owned subsidiary and consumer healthcare arm, has entered into a business transfer agreement to acquire the distribution and marketing business venture of cosmetics and personal care business of Ivia Beauty Pvt Ltd, the company told the stock exchanges. (BTA) has been signed.
This strategic move is in line with Cipla’s focus on growing its consumer healthcare and wellness segment. The company said the acquisition will include Ivia Beauty’s Astaberry, Aikin and Bhimsaini brands. On the cost of acquisition, Cipla said it would be Rs 130 crore on closing date and Rs 110 crore subject to fulfillment of certain financial criteria mentioned in the BTA for the next three years.
According to the company, the transaction is expected to be completed within 60 days of signing of the BTA or such other date as may be mutually agreed upon in writing between the parties. This will be subject to successful completion or waiver of the conditions precedent and termination mentioned in the BTA.
