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news.South African pharmaceutical firm Adcock Ingram has offered to acquire Cipla Medpro South Africa or CMSA, a generic drug maker, for $227.8 million, reported Reuters.
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Adcock Ingram will reportedly make the payment in cash, with an option for shareholders to re-invest up to 25% in the combined company. The Adcock Ingram offer equates to about ZAR4.75 per Cipla Medpro South Africa share, a 35.7% premium to its closing share price on April 7, 2009, reported the news source.
Adcock Ingram believes that the transaction will help build a combined company with more competitiveness in the South African pharmaceuticals market.