Pharma major Shilpa Medicare has announced the acquisition of American pharma company Pilnova Pharma Inc. on Thursday (November 2). Upon completion of the acquisition process, Pilnova will become a wholly owned subsidiary of Shilpa Medicare.
As per the regulatory filing, Shilpa Medicare informed that it has bought a 100 percent stake in Pilnova Pharma at a price of one dollar per share. Pilnova Pharma, a US-registered pharma sector company, is involved in providing marketing and sales support.
Shilpa Medicare said that the move is aimed at establishing a front end presence in the US market. The company has also informed that this entire deal has been done in cash.
Shares of Shilpa Medicare were down nearly 1% on Thursday.
First Published: Nov 2, 2023 9:54 PM IST
