Cipla unit gets 345 mn rand contract from South Africa

Under the contract, which will run from July 2014 to April 2017, the company will supply drugs including Beclate 100, Becalate 200 and Asthavent 200.

Drug major  Cipla has got a contract worth 345 million rand (Rs 195 crore) from the South African government.

Cipla Medpro, the South African subsidiary of the Indian firm, has been awarded a 345 million rand share of the South African government's national respiratory tender, the company said in a statement.

Under the contract, which will run from July 2014 to April 2017, the company will supply drugs including Beclate 100, Becalate 200 and Asthavent 200.

"This is the second-largest government tender awarded to Cipla in the last three years," the company said.

Cipla Medpro CEO Paul Miller said patients across South Africa will benefit from increased access to Cipla's respiratory programmes and products.

"This successful tender is yet again testament to the Cipla team's commitment to excellence and quality and the company ethos of advancing healthcare for all," he added.

Last year, Mumbai-based Cipla completed the buyout of Cipla Medpro for an aggregate consideration of Rs 2,707 crore. Cipla Medpro is the third-largest South African pharmaceutical company founded in 1993.

Cipla stock price

On June 27, 2014, Cipla closed at Rs 437.30, up Rs 11.05, or 2.59 percent. The 52-week high of the share was Rs 450.00 and the 52-week low was Rs 366.70.

The company's trailing 12-month (TTM) EPS was at Rs 17.29 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 25.29. The latest book value of the company is Rs 127.76 per share. At current value, the price-to-book value of the company is 3.42.

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