Global pharmaceutical and biotechnology company Cipla has announced that its South African subsidiary Cipla Medpro will acquire 30 per cent stake in the connected healthcare firm Brandmed for USD 4.6 Mn.
Other than the upfront cash, the transaction also involves milestone payments of stake acquisition that the South African subsidiary will pay for the next three years subject to meeting agreed profit targets.
“This transaction will help to transition healthcare from being reactive to a proactive and real-time monitoring model that focuses on promoting wellness instead of managing illness,” Cipla Medpro Chief Executive Officer Paul Miller said in a statement.
“By pairing our strengths with Brandmed’ s innovative, patient centric approach to healthcare, Cipla Medpro will enhance its diverse portfolio in the non-communicable diseases area to provide holistic care to patients from awareness through to disease management, thereby enabling patient adherence and compliance.”
Cipla notably pointed out that this move was in recognition of the importance of the critical shift to a more patient centered, integrated and predictive healthcare environment. The Cape Town-based healthcare company further revealed that it anticipates the transaction will be complete by May 31.
Early this year, Cipla had made known a similar partnership in India with Wellthy Therapeutics to offer a clinically-validated digital disease management platform to patients in cardio-metabolic health.
Brandmed was founded in 2014 and has so far developed a fully integrated end-to-end solution to address outcomes and value-based care for patients with chronic lifestyle and non-communicable diseases such as hypertension, diabetes, high cholesterol, asthma and chronic obstructive pulmonary disease.
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