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Cipla to buy 14.6% stake in US drug research firm Chase Pharmaceuticals

LiveMint logoLiveMint 12-05-2014 C.H. Unnikrishnan

Mumbai: Cipla Ltd said on Monday that it plans to invest $1.5 million to buy 14.6% stake in US-based drug research and development company Chase Pharmaceuticals Corp. The US company is developing some novel drugs for the treatment of Alzheimer’s disease.

Cipla informed stock exchanges that it will invest another $4.5 million in the company upon achievement of a certain milestone in the drug’s development.

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