Cipla Limited has announced a restructuring of its subsidiary ownership in the USA. Aspergen Limited, India, has acquired 100% stake in Aspergen Inc., USA, a step-down subsidiary, from Cipla (EU) Limited and Kemwell Biopharma UK Limited. This move aims to rationalize and simplify the group structure. Cipla states there is no change in its economic interest in Aspergen Inc., USA as a result of this transaction.
Subsidiary Ownership Restructuring
Cipla Limited has informed stakeholders about a strategic restructuring involving its US subsidiary, Aspergen Inc., USA. As part of this initiative, Aspergen Limited, India, a 60:40 joint venture between Cipla and Kemwell Biopharma Private Limited, has successfully acquired the entire 100% stake in Aspergen Inc., USA. This acquisition was made from Cipla (EU) Limited, which previously held a 60% stake, and Kemwell Biopharma UK Limited, holding the remaining 40%.
Objective: Group Structure Simplification
The primary objective behind this corporate restructuring is to rationalize and simplify the overall group structure. Following the transaction, Aspergen Inc., USA, now operates as a wholly owned subsidiary under Aspergen Limited, India. Cipla has emphasized that this change in ownership structure does not alter the company’s economic interest in Aspergen Inc., USA.
Shareholding Pattern Update
The document also details the change in the shareholding pattern for the involved entities. Prior to the restructuring, Cipla Limited held 60% in Aspergen Limited, India, with Kemwell Biopharma Private Limited holding 40%. Cipla (EU) Limited held 60% in Aspergen Inc., USA, and Kemwell Biopharma UK Limited held 40%. Post-restructuring, Aspergen Limited, India, now holds 100% of Aspergen Inc., USA, with Cipla Limited continuing its 60% stake in Aspergen Limited, India, and Kemwell Biopharma Private Limited maintaining its 40% stake in Aspergen Limited, India.
Source: BSE
