NEW DELHI: Pharma major Cipla Ltd will acquire the cosmetics and personal care distribution and marketing business of Ivia Beaute Pvt Ltd, including the latter’s brands Astaberry, Ikin and Bhimsaini, on a worldwide basis for Rs 130 crore, according to a regulatory filing by the company.
Cipla Health Ltd (CHL), a wholly-owned subsidiary and consumer healthcare arm, has signed a Business Transfer Agreement (BTA) for purchase of the distribution and marketing business undertaking of the cosmetics and personal care business of Ivia Beaute Pvt Ltd, Cipla said.
The acquisition will include Ivia Beaute’s brands namely Astaberry, Ikin and Bhimsaini on a worldwide basis, the company said.
On the cost of acquisition, Cipla said it will be “Rs 130 crore on the closing date and Rs 110 crore contingent upon achievement of certain financial parameters (milestones) for next 3 years as mentioned in the BTA”.
“The transaction is expected to be completed within 60 days from the signing of BTA or such other date mutually agreed between the parties in writing...”