Cipla invests additional USD3 mn in US’ Chase Pharmaceuticals

16 March, Mumbai

Drug Major, Cipla Ltd Wednesday said that Cipla (EU) Limited, UK , a wholly owned subsidiary of the Company has made an additional investment of USD3 million in the US-based Chase Pharmaceuticals

Chase Pharmaceuticals engaged in developing novel approaches to improve treatments for Alzheimer’s disease,company said in a filing with BSE.

The company in May 2014 had invested USD1.5 million to acquire 14.6 per cent stake in Chase Pharmaceuticals.

Consequently, Cipla UK’s total investment in Chase would aggregate to approximately USD5.12 million for a 16.7 per cent stake on a fully diluted basis .Under the agreement in May, Cipla had said it will make an additional USD4.5 million investment in Chase upon achievement of certain milestones in this direction.