Plans to consolidate biological business under Cipla BioTec
Cipla announced that it has entered into a definitive agreement to sell its entire 25% stake in Biomab Holding, Hong Kong (BHL) to Biomab Brilliant, British Virgin Islands which holds the remaining 75% stake in BHL, for a total consideration of USD 25,775,000.Biomab Holding is focused on developing Biosimilars for the Chinese market.
The closing of the transaction is subject to conditions precedent and receipt of applicable regulatory and other approvals.
Going forward, the Company's biological business will be consolidated under Cipla BioTec. Cipla BioTec will focus on research, development, manufacturing and marketing of Biosimilars, in the field of cancer, auto-immune diseases, respiratory diseases and diabetes. Through innovative technology and go to market solutions, it aims to create a transformational impact in the way these medicines are used.
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