Indian pharmaceutical and biotechnology company Cipla’s subsidiary has signed an agreement to fully acquire South African peer Mirren for a cash consideration of South African rand 450 million ($33.8 million).

Cipla noted that the acquisition through its wholly-owned subsidiary Cipla Medpro South Africa (Pty) Ltd, will strengthen its market position and help it to accelerate growth within over the counter space.

The transaction required approval by the South African Competition Commission and is expected to be completed before September 30, 2018.

Mirren had a turnover of South African rand 152.1 million for the financial year ended on February 28, 2018.