Cipla Health Ltd, the consumer healthcare arm of drug major Cipla Ltd, has entered into a deal to acquire nutritional supplement brand Endura Mass from Medinnbelle Herbalcare Pvt Ltd.
Endura and all other associated trademarks would be part of the acquisition, said Cipla in a stock market disclosure without disclosing the financial details of the transaction.
The acquisition will help Cipla Health expand into a new category of weight gain, said Shivam Puri, Chief Executive Officer, Cipla Health, in the disclosure.
"The addition of Endura and Endura mass to our portfolio hence perfectly complements our existing offerings across all key (over the counter) OTC/wellness categories and would hence help us offer an even more comprehensive solution to all key consumer needs," he added.
Cipla Health will start distribution and marketing of Edura's products immediately after the closing of the deal that is subject to certain conditions, it noted.
Global investment bank Elara Capital was the sole financial advisor to Medinnbelle Herbalcare on the transaction, said Elara in a separate statement.
"Nutritional supplements is a growing category and Cipla will benefit from Endura Mass’s leadership position in the segment," said Ramnish Kochgave, president, investment banking and head equity capital markets, Elara Capital.
Medinnbele Herbalcare, which was founded in 1996 by DK Singhal, Simi Dutta and KK Kaushal, sells dietary supplements under the general nutrition, sports nutrition and gym categories.
Cipla Health was incorporated in 2015 as Cipla sought to rebuild its OTC product business. Cipla had virtually exited the OTC drugs market by selling its emergency contraceptive brand i-pill to Piramal Healthcare Ltd (now Piramal Enterprises Ltd) for Rs 95 crore. i-pill was launched in 2007 and was the largest selling emergency contraceptive for women in the domestic market.
In 2016, Cipla received regulatory nod to raise private equity funding from Eight Roads Ventures for Cipla Health. In 2019, Cipla hiked its stake in Cipla Health to 100% and facilitated an exit for Eight Roads.