Samina Hamie Steps Down from Cipla Board Amid Shuffling Drive

Effective from October 29, 2024, Hamied’s resignation follows her earlier exit from the company's executive role in January.

In a significant development, Pharma giant Cipla has announced the resignation of Samina Hamied from its Board of Directors.

Effective from October 29, 2024, Hamied’s resignation follows her earlier exit from the company's executive role in January.

Her resignation letter, addressed to the Board, cites “personal and family commitments” as the reason for her departure.

Hamied, an alumna of the London School of Economics, has been a pivotal figure in Cipla’s recent strategic maneuvers.

Joining Cipla’s leadership in 2011 as executive director and global head of strategy, M&A, and new ventures, she played a crucial role in the company’s transformation agenda, including the establishment of its consumer health division along with its strategic entry into the US market through significant acquisitions.

However, the announcement came amid reports that Cipla promoters were looking to sell their entire or partial shareholding in the company.

In May, members of the Hamied family, Cipla's promoters, divested a 2.53% stake in the company through block deals involving major investors such as ICICI Prudential Mutual Fund and Aditya Birla Sun Life Mutual Fund.

The transaction, valued at approximately INR 2,650 Cr, aimed at enhancing liquidity for specific needs, including philanthropic endeavors.

Earlier DHN reported that private equity firms Blackstone and Torrent Pharmaceuticals were interested in acquiring the promoter stake.

Last year, Blackstone also proposed an acquisition of Cipla’s promoter shares, and in late September, Torrent Pharmaceuticals made a competitive offer.

The Cipla Board now includes Y K Hamied, M K Hamied, Umang Vohra (MD & Global CEO), and S Radhakrishnan (Non-Executive Director), alongside nine independent directors. Cipla’s promoters currently hold a 30.91% stake in the company.

Cipla’s Recent Developments

In another related development, Cipla inked definitive agreements to invest up to INR 26 Cr in Achira Labs, an associate company. The investment was made through optionally convertible preference shares, disbursed in four tranches. The strategic financing was intended to enable Achira to launch and further develop test panels commercially.

Earlier this year, the pharma giant joined hands with Kemwell Biopharma and Manipal Education & Medical Group in the US. The joint venture sought to expedite the development, manufacturing, and distribution of cell therapies.

The collaborative effort focused on the development and commercialization of novel cell therapy products targeting critical unmet medical needs in the United States, Japan, and the European Union.