Emcure Pharmaceuticals Acquires and Amalgamates Cutimed Inc.
Emcure Pharmaceuticals Limited announced on April 2, 2026, that its step-down subsidiary, Mantra Pharma Inc., has acquired 100% of the issued and outstanding shares of Cutimed Inc. Consequently, Cutimed has become a step-down wholly owned subsidiary of Emcure Pharmaceuticals. Following the acquisition, Cutimed has been amalgamated with Mantra, effective April 1, 2026 (EDT).Cutimed Inc., incorporated in Canada, is engaged in the cosmetics and personal care products sector, including dermatological creams and cleanser products. It operates primarily in the Canadian market. Cutimed's annual turnover for the last three financial years was approximately CAD$ 2.8 million in 2025, CAD$ 2.5 million in 2024, and CAD$ 2.7 million in 2023.
The acquisition and subsequent amalgamation are intended to strengthen Emcure's portfolio in the Canadian dermatological and cosmetic product segments and support its long-term growth strategy. The transaction does not constitute a related party transaction.
The aggregate consideration for the acquisition is up to CAD$ 5.05 million.
Table 1: Cutimed Inc. – Key Financial Data (CAD Millions)
| Financial Year | Turnover |
|---|---|
| 2025 | 2.8 |
| 2024 | 2.5 |
| 2023 | 2.7 |
Mantra Pharma Inc. has an annual turnover of CAD$ 81 million and is engaged in the business of distribution of pharmaceutical products and natural health products. The amalgamation was completed at an arm's length basis and did not involve any consideration due to Mantra’s 100% ownership of Cutimed.
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