Cipla Ltd, a well-known pharma company, is set to acquire Ivia Beaute Pvt Ltd’s global distribution and marketing division of cosmetics and personal care. According to a regulatory filing, the acquisition of prominent brands like Astaberry, Ikin, & Bhimsaini totals INR 130 crore. Cipla Health Ltd (CHL), its wholly owned consumer healthcare business, has signed a Business Transfer Agreement (BTA) for the transaction.
This strategic maneuver is in line with Cipla’s commitment to bolstering its consumer healthcare and wellness offerings.
The company stated that the acquisition will encompass Ivia Beaute’s brands, including Astaberry, Ikin, and Bhimsaini, on a global scale.
Regarding the acquisition cost, Cipla stated that it will be “INR 130 crore on the closing date and INR 110 crore contingent upon achieving specific financial parameters (milestones) over the next three years as outlined in the BTA.”
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“The transaction is anticipated to conclude within 60 days from the signing of the BTA, or another mutually agreed-upon date specified in writing by both parties, subject to the successful fulfillment or waiver of the conditions precedent and closing conditions outlined in the BTA,” it further stated.
In response to the acquisition, CHL CEO and Whole Time Director Shivam Puri remarked, “This step not only strengthens our position in the vast and evolving beauty and personal care industry but also enhances our established presence in Tier 2-6 cities.”
He added, “Incorporating Astaberry, Ikin, and Bhimsaini into our portfolio seamlessly complements our current offerings across crucial OTC/consumer healthcare categories, enabling us to provide comprehensive solutions that effectively address the diverse everyday needs of our consumers.”
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Astaberry, which has been in business for more than 16 years, offers a variety of distinctive products to help customers meet their skincare needs.
The “undertaking” can only be transferred if certain requirements stated in the BTA are met. Furthermore, it stated that CHL will start the product’s distribution and promotion as soon as these requirements are satisfied.