Shilpa Medicare acquires US based Pilnova Pharma

On Thursday, November 2, pharmaceutical giant Shilpa Medicare announced that it had acquired American pharmaceutical company Pilnova Pharma Inc. 

Following the completion of the acquisition procedure, Pilnova will join Shilpa Medicare as a fully owned subsidiary.

Shilpa Medicare said in the regulatory filing that it has acquired a hundred percent of Pilnova Pharma for one dollar per share.

Pilnova Pharma, a US-registered pharma sector company, is involved in providing marketing and sales support. 

Shilpa Medicare said that the move is aimed at establishing a front end presence in the US market. The company has also informed that this entire deal has been done in cash.

Shares of Shilpa Medicare were down nearly 1% on Thursday.