In a falling market, shares of Cipla closed on a flat note. Commenting on the acquisition made by Cipla, Amar Ambani, Head of Research, IIFL, said, “Acquisition gives scale to Cipla’s US generics business and brings a wide therapeutic presence in CNS, CVS, anti-infectives and diabetes. Invagen has a portfolio of 40 approved ANDAs of which 32 have been commercialized and another 30 pipeline products that could be approved in the next four years. Invagen also has 5 FTFs with potential revenues of US$8bn by 2018. Invagen brings FDA approved manufacturing units providing Cipla with owned front end presence with access to large retailers and wholesalers. Exelan Pharma brings access to government and institutional market in US. We view the acquisition as positive for Cipla’s US business."