New Delhi: Drug major Cipla today said Chase Pharmaceuticals Corporation, in which it has 16.7 per cent stake has been acquired by Ireland-headquartered Allergan plc.
Delaware-based Chase Pharmaceuticals Corporation, in which the company's UK arm Cipla (EU) Ltd has 16.7 per cent stake, has been acquired by a subsidiary of Allergan plc, Cipla said in a statement.
"Allergan has agreed to pay $125 million upfront plus potential regulatory and commercial milestones of up to $875 million to the shareholders of Chase," it added.
Cipla UK had acquired a minority stake in Chase in May 2014 via a syndicated venture investment, Cipla said.
Commenting on the development, Head of Corporate Strategy and Cipla New Ventures Chandru Chawla said: "We believe that Chase's pipeline will be successful at Allergan, given their strength as a leading CNS commercial franchise." Chase was recently financed by a Series B consortium consisting of New Rhein Healthcare, Edmond de Rothschild Investment Partners and Cipla UK.
Shares of Cipla were trading 0.54 per cent up at Rs 552.70 on BSE.
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