Cipla, Acebright Pharma set up $30 mn joint venture company

Cipla, Acebright Pharma to set up $30 mn joint venture company

10:57 AM, 18th July 2019
Cipla tablets
File photo.

MUMBAI, INDIA & JIANGSU, CHINA: Cipla (EU) Limited, a wholly-owned subsidiary of Cipla Limited and Jiangsu Acebright Pharmaceutical Co Ltd (Acebright) have entered into an agreement to set up a joint venture (JV) company in China.

According to the agreement, upon incorporation, the JV company will become a subsidiary of Cipla. Cipla EU will hold an 80 percent stake and Acebright will hold a 20 percent stake in it for a combined investment of $30 million.

Upon incorporation, the JV company will set up a manufacturing facility for local manufacture of respiratory products.

The JV company will manufacture, sell and distribute pharmaceutical products with the purpose of providing high quality and affordable drugs, also provides R&D services, and analytical development services.

“We have a long-standing relationship with Acebright, and this partnership to build a manufacturing facility in China is a significant step for us. We are keen to take our well-established expertise in the respiratory segment to patients in China. Simultaneously, we will explore various routes to build a portfolio of products in other therapeutic segments such as oncology. For over eight decades, Cipla has stood for Caring for Life in India and around the world, and we will continue to work towards meeting unmet patient needs through this venture,” said Umang Vohra, MD & Global CEO of Cipla.

“We have a long-standing partnership of more than 20 years with Cipla which shares our vision and approach towards patients. We are pleased to strengthen our relationship with Cipla through this joint venture and strongly believe the joint venture will bring more products to Chinese patients in the respiratory segment,” added Shengping Xu, Chairman of Acebright Group.

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