On Thursday the pharma major Cipla said that its UK subsidiary Cipla (EU) will acquire Brazilian firm Duomed Produtos for around Rs 2.6 crore.

“Cipla (EU) Ltd, UK, a wholly-owned subsidiary of Cipla, has entered into a definitive agreement for acquisition of 100 per cent stake in Duomed Produtos Farmaceuticos Ltd, for a cash consideration of Brazilian Real (RUSD) 1,293,600 (about Rs 2.6 crore),” Cipla said in a BSE filing.

According to the filing, the deal has the approval of Brazilian health authority (ANVISA) and other regulatory authorities to distribute and import the pharmaceutical products in Brazil.

Subject to certain conditions, the transaction is to be completed by the end of May 2015, it added.