Drugmaker Cadila Healthcare Ltd announced that it has acquired a majority stake of 70 percent in South African pharmaceutical company, Simayla Pharmaceuticals through its wholly owned subsidiary, Zydus Healthcare Sa Pty Ltd.

The remaining stake of 30% will be held by the promoter of the company, Ben Classen, who will continue to head the company’s operations.

However, the financial details of the deal were not disclosed yet.

The acquisition of Simayla provides huge scope for Zydus Cadila to develop its business in African drug market.

Mr. Pankaj R Patel, Chairman and MD of Zydus Cadila, said, “In keeping with our strategy to aggressively grow our global business, we have been looking at key strategic acquistions which add value to our operations.”

Simayla posted revenues of Zar 18.6 million (Rs 10.1 crore) during the last fiscal (2007), and is expected to touch Zar 40.5 million (Rs 22 crore) in 2008.

The group plans to launch a total of 50 products in the market by 2011. The product will be manufactured at Ahmedabad.

In addition to the South African market, Simayla would also promote the group’s products in Nambia, Angola, Botswana, Swaziland and Mozambique.

This is the second acquisition for Cadila in the existing year.

The company, on May 30, announced acquisition of 100% stake in Laboratorios Combix of Spain.