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Cipla sells Chase Pharma stake to Allergan

MUMBAI (NewsRise) - Cipla's U.K. unit has sold its stake in Chase Pharmaceuticals, a U.S.-based company developing a drug to treat Alzheimer's disease, to Allergan.

Cipla (EU) held a 16.7% stake in Chase via a syndicated venture investment. In 2014, Mumbai-based Cipla invested $1.5 million to snap up a 14.6% stake in Chase through the syndicate to finance the initial phases of clinical trials for the company's drug CPC 201 to treat Alzheimer's disease.

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