The drug major on Wednesday announced execution of a joint venture agreement with Kemwell Biopharma for developing, manufacturing and commercialising biosimilars.
Cipla said a joint venture company is incorporated with an aim to enter the respiratory biosimilars space. Under the terms of the agreement, the joint venture will leverage Cipla and Kemwell's complementary strengths for end-to-end product development, clinical development, regulatory filings, manufacturing and commercialisation of biopharmceutical products. Cipla's respiratory prowess combined with Kemwell's expertise in biologics will accelerate bringing essential products to market.Umang Vohra, MD & Global CEO of Cipla said, "This development reinforces our strength as leaders in respiratory therapy and is in line with our aspiration of global lung leadership. Guided by our purpose of 'Caring for life' our partnership with Kemwell will help serve unmet needs of patients across the globe."
Cipla is a global pharmaceutical company focused on agile and sustainable growth, complex generics, and deepening portfolio in our home markets of India, South Africa, North America, and key regulated and emerging markets. On a consolidated basis, Cipla's net profit soared 25.41% to Rs 709.92 crore on a 26.64% jump in total revenue from operations to Rs 5,504.35 crore in Q1 FY22 over Q1 FY21.
Shares of Cipla were down 0.21% at Rs 911.05 on BSE.
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