Cipla Completes 20% Stake Acquisition in iCaltech Innovations

Cipla has positioned the investment as part of its broader effort to integrate device and diagnostic technologies into its pharmaceutical business.

Global pharma giant Cipla has completed the acquisition of a 20 percent voting rights stake in Bengaluru-based medical-device company iCaltech Innovations.

The transaction, first announced in July, closed after the company fulfilled its stated closing conditions and formally notified the stock exchanges on August 26.

Cipla first disclosed the agreement on July 21, 2025, in a filing under SEBI Regulation 30. At the time, the company said the investment was aimed at strengthening its respiratory diagnostics and device offerings, areas that align with Cipla’s long-standing focus on respiratory care.

The company described the deal as a strategic partnership and not a controlling acquisition. Cipla also stated that iCaltech would continue to operate as an independent entity following the investment.

Cipla has positioned the investment as part of its broader effort to integrate device and diagnostic technologies into its pharmaceutical business. In its earlier announcement, the company highlighted that this partnership will help accelerate access to respiratory diagnostic solutions in India and other markets where Cipla has a presence.

Achin Gupta, Global Chief Operating Officer of Cipla, said in the disclosure that the investment “reflects Cipla’s commitment to advancing respiratory diagnostics” and would support iCaltech in developing innovative device solutions.

The latest filing submitted to the Bombay Stock Exchange, National Stock Exchange of India, and Luxembourg Stock Exchange confirmed the completion of the acquisition. The filing reiterated the transaction details and noted that all customary requirements had been satisfied.

The structure of the investment, based on optionally convertible preference shares alongside an equity share, provides Cipla with a minority but significant interest in iCaltech’s decision-making process through its 20 percent voting rights.

The modest deal size of about ₹5 crore underscores Cipla’s approach of supporting smaller innovation-driven companies to complement its core portfolio, while avoiding large-scale capital commitments at an early stage.

The development marks a follow-through on Cipla’s July announcement and brings clarity to the timeline and financial completion of the transaction.

For iCaltech, the funding is expected to provide resources to scale manufacturing, support regulatory clearances, and expand its pipeline of respiratory diagnostic devices.

Cipla has not disclosed whether the investment includes commercial distribution rights or board representation, but indicated in filings that the relationship is focused on strategic collaboration. Furthermore, the company has not issued further details on upcoming product launches or market expansion plans linked to the iCaltech investment.

iCaltech Innovations is a medical-device firm headquartered in Bengaluru. It is engaged in the design, development, manufacture, and commercialization of diagnostic equipment, with a core focus on respiratory applications.

The company’s recent financial filings show steady growth: revenues were reported at ₹6.70 crore in fiscal year 2024–25, compared with ₹4.19 crore in FY 2023–24 and ₹1.28 crore in FY 2022–23. These figures indicate the company’s transition from an early-stage venture to a small but scaling medtech manufacturer.

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