Piramal Healthcare and Cipla signed a definitive agreement for purchase of all intellectual property rights in India related to i-pill brand of Cipla. The deal was sealed for an aggregate consideration of Rs 95 crore. i-pill brand features in the top-300 pharmaceutical products and had sales of Rs 30.92 crore as per ORG IMS for the last twelve months. The acquisition of i-pill strengthens Piramal's over the counter (OTC) portfolio which has strong consumer brands such as Lacto Calamine skin care range, Supractiv Complete, Saridon and Polycrol antacid.
Commenting on the transaction, Dr Swati Piramal, executive director - Strategic Alliances & Communications, Piramal Healthcare, said, "i-pill magnifies the indomitable spirit of the new Indian woman who is resilient in the face of every adversity. It empowers Indian women to remain in control of their future without resorting to emotionally and medically stressful alternatives like abortion."
Commenting on the sale of i-pill, Amar Lulla, joint managing director, Cipla said, "Our decision to divest the brand is driven by our current domestic product portfolio focused on prescription drugs. We are pleased that Piramal Healthcare with a strong OTC portfolio has bought the brand and are confident that they will successfully accelerate the future growth of this brand."
i-pill an emergency contraceptive pill (ECP) used to prevent unplanned pregnancy is available over the counter at local chemists. It is not an abortion pill, it contains Levonorgestrel, a progestogen which helps prevent unwanted pregnancies if taken within 72 hours of unprotected sex. i-pill has no long term or serious side effects and is safe to use for almost every woman except those who are allergic to Levonorgestrel. i-pill has been instrumental in building awareness about the emergency contraceptive pill category in India.
Kotak Investment Banking acted as the exclusive financial advisor to Cipla for this transaction
