Mumbai, June 30: Cipla today said it had signed an agreement to acquire a 51 per cent stake in a pharmaceutical manufacturing and distribution company in Yemen for $21 million (over Rs 125 crore).

“The company will pay $21 million for this transaction, with additional considerations to be paid over the next three years on the achievement of agreed milestones,” Cipla said in a communication to the stock exchanges today.

Cipla did not disclose the name of the company but said it was owned by a UAE-based entity.

The company said the acquisition would secure its presence in a fast-growing market. Cipla already enjoys a leading position in Yemen with over 200 products.

Recently, the company had entered into a definitive agreement to pick up a 60 per cent stake in a Sri Lanka-based company for a consideration of $4 million.

It had completed the buyout of South African pharma company Cipla Medpro for Rs 2,707 crore last year.

It had also acquired Croatia-based Celeris, the distributor of its products in that country, last December.

Cipla shares today closed at Rs 437.95, up 65 paise, or 0.15 per cent, on the Bombay Stock Exchange.