05 September 2023 | News
This development underpins Cipla’s commitment and investment in it’s over the counter (OTC) business
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Cipla South Africa, a 100% owned subsidiary of Indian pharmaceutical firm Cipla Limited, has signed a binding term sheet with South Africa-based Actor Holdings (Pty) Limited to acquire 100% of the issued ordinary shares of Actor Pharma (Pty) Limited.
This development underpins Cipla’s commitment and investment in its over the counter (OTC) business and supports its journey to be a leading healthcare player in South Africa. This is a strategic acquisition for Cipla South Africa to unlock the future growth opportunities and leverage cost synergies in the South African market.
Actor was founded in 2009 and has quickly grown to become the 5th largest, privately owned, OTC player in the South African private market. Actor specialises in OTC and generic medicine, where they have established strong consumer brands, and identified niche prescription markets in categories of Women’s health, Nasal, Cough & Cold and Baby & Child.
In addition, Actor has an innovative pipeline and in its last financial year (FY23) delivered revenue of R234 million, on the back of strong double-digit growth.
Commenting on the acquisition, Umang Vohra, Global MD & CEO, Cipla Limited said, “This is in line with our strategy of strengthening our OTC and wellness portfolio. We believe this is an excellent opportunity to leverage our existing marketing capabilities, unlock future growth opportunities and optimize the performance of our pipeline”.
The transaction is expected to close in the next three to four months, subject to the negotiation and signing of the definitive transaction agreements (which are expected to be concluded imminently) as well as receiving regulatory approval from South Africa’s Competition Commission.