Drug firm Cipla Ltd has made an additional investment of USD 3 million in US-based Chase Pharmaceuticals engaged in developing novel approaches to improve treatments for Alzheimer’s disease. The company in May 2014 had invested USD 1.5 million to acquire 14.6 per cent stake in Chase Pharmaceuticals.
“Cipla (EU) Ltd, UK, a wholly-owned subsidiary of the company…made an additional investment of USD 3 million in Chase Pharmaceuticals towards full settlement of its obligation under the agreement arrangement for investment in Chase,” Cipla said in a BSE filing. Consequently, Cipla UK’s total investment in Chase would aggregate to approximately USD 5.12 million for a 16.7 per cent stake on a fully diluted basis. As per the agreement in May, Cipla had said it will make an additional USD 4.5 million investment in Chase upon achievement of certain milestones in this direction.