Cipla has signed agreements on June 9, 2020, to acquire shares representing 21.85 per cent stake in GoApptiv Private Limited on a fully diluted basis, informed a company statement.
GoApptiv is involved in the business of offering digital solutions for integrated brand sales management, digital marketing, channel engagement for pharma companies as well digital platforms for business tracking, customer relationship management, data integration, artificial intelligence/machine learning-based data analytics, patient support and assistance in India.
Cipla aims to widen the reach of its key brands in the tier 3+ towns through GoApptiv’s solutions for end-to-end brand marketing and channel engagement through this equity investment, informed the drugmaker through a statement.
The acquisition will be completed in two stages:
First stage: Subscription of 15,392 (Fifteen thousand three hundred and ninety-two only) Compulsorily Convertible Preference Shares and purchase of 6,927 (Six thousand nine hundred and twenty-seven only) Equity Shares is expected to be closed within 30 days from the execution date, subject to certain conditions precedent. The investment in this stage will be Rs 5.80 crores.
Second stage: Subscription of 12,314 (Twelve thousand three hundred and fourteen only) Compulsorily Convertible Preference Shares is expected to close by 31st October 2020, subject to certain conditions precedent. The investment in the second stage will be Rs 3.2 crores.