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Pharmaceutical

Cadila Healthcare to buy S Africa''s Simayla

June 09, 2008
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Reuters is reporting that Indian drugmaker Cadila Healthcare Ltd. said recently it has acquired 70 percent in South Africa''s Simayla Pharmaceuticals, marking the Indian firm''s second buy in less than a fortnight.

The acquisition will be effected through its unit, Zydus Healthcare Sa Pty Ltd, Cadila said in a statement.

The African firm recorded revenue of 18.6 million South African rand in 2007 and is expected to grow this to 40.5 million in 2008, Cadila said.

The remaining 30 percent stake in Simayla will be held by its founder Ben Classen, who will continue to head the operations, Cadila said.

The combination plans to launch 50 drugs over the next three years in South Africa, where the drug market is expected to touch $4.62 billion by 2011, Cadila said.

These drugs are to be produced at Cadila''s manufacturing unit in Ahmedabad, it added.

Simayla sells generic drugs in the cardiovascular, anti-infectives, respiratory, central nervous system disorders, gastrointestinal and women''s health segments.

This is Cadila''s second buy this year following the acquisition of Spain''s Laboratorios Combix. Cadila shares were trading 4.3 percent lower at 283 rupees on low volumes in a weak Mumbai market.
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