Cipla to buy 22% stake in GoApptiv for $1.19mn

The deal will help Cipla to expand the reach of its key brands in tier-3 plus towns.

Pharmaceutical company Cipla will acquire 21.85 per cent stake in GoApptiv for $1.19 million to expand the reach of its key brands in tier-3 plus towns.

The deal is expected to be completed in two stages. In the first stage, the Mumbai based drug maker will subscribe to 15,392 compulsorily convertible preference shares (CCPS) and 6,927 equity shares.

This will get closed within 30 days. In the second stage, Cipla will subscribe to 12,314 CCPS by the end of October this year.

GoApptiv offers digital solutions for integrated brand sales management, digital marketing, and channel engagement for pharmaceutical companies. It also offers digital platforms for business tracking, customer relationship management, data integration, artificial intelligence and machine learning based data analytics, patient support, and assistance in India.