Zydus Cadila, the global healthcare provider, informed the Stock Exchange that the South Africa-based Simayla has now become a 100% subsidiary of the group.
The change in the shareholding pattern of Simayla has come into effect with Zydus Healthcare SA (Proprietary) Limited, a 100 per cent subsidiary company of company of Cadila Healthcare Limited acquiring the remaining 30 per cent shareholding of Simayla Pharmaceuticals (Proprietary) Limited from the co-promoters.
Speaking on the development Pankaj R Patel, chairman and managing director of the group said, “We look forward to consolidating our position in this key market and contributing to the healthcare community in South Africa in a meaningful way. We will be stepping up our plans for growth in line with our global strategies and looking at long term intitiatives that reaffirm our commitment of being an ethical healthcare provider.”
It may be recalled that Zydus Healthcare SA had acquired a majority stake of 70 per cent shareholding of Simayla in 2008. The company with it strong presence in the cardiovascular, anti-infective, respiratory, CNS, gastrointestinal and women's healthcare segments was a synergistic fit for the Zydus group with also has a strong presence in these core areas. Simayla markets 76 group with also has a strong presence falling in the chronic segment and 41 per cent in the acute segment.