Cadila to buy South African co Simayla Pharmaceuticals

MUMBAI: Pharmaceutical firm Zydus Cadila on Monday said it will acquire 70% stake in South Africa-based generic firm Simayla Pharmaceuticals for an undisclosed amount.

���South Africa has been one of our key focus markets and Simayla���s expertise and promising growth will unlock value for us as we look to consolidate and grow our business in this market rapidly,��� Zydus Cadila CMD Pankaj R Patel said.

The remaining stake would be held by the promoter of Simayla Pharmaceuticals, Ben Classen, who would continue to head the firm���s operations, the company said in a filing to BSE. The acquisition was carried out through its wholly-owned subsidiary Zydus Healthcare SA PTY and would open up several opportunities for the group in a market that is estimated to touch $4.62 billion at consumer prices over the next three years.