Jay Precision currently supplies respiratory devices to Cipla
Cipla has announced that it will acquire 60 percent stake in Jay Precision Pharmaceuticals for Rs 96 crore, says reports.
Jay Precision is an existing supplier of respiratory devices to the company and has a manufacturing facility at Vasai, Maharashtra.
"Considering company's leading position in inhalation therapy, this transaction is aimed at integrating the value chain and will serve as a platform for the development of next generation respiratory devices," the company said in a statement.
The transaction is expected to be completed by the end of this financial year, subject to completion of certain conditions.