Cipla's U.K. subsidiary enters into a joint venture agreement with existing partners – Cooper Pharma and The Pharmaceutical Institute (PHI)
~ Joint Venture agreement facilitates Cipla with a front-end presence in Morocco~
Enables Cipla to develop a platform for the future with acquisition of highly strategic product portfolio~
India, Mumbai, 9th February 2015: Cipla Ltd., a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients, today announced that it's wholly owned subsidiary, Cipla (EU) Limited, U.K. has entered into a joint venture (JV) agreement with Cipla's existing business partners in Morocco – Societe Marocaine De Cooperation Pharmaceutique ("Cooper Pharma") and The Pharmaceutical Institute (PHI). Cipla has established a strong presence in Morocco for over a decade via its business partners. This JV will enable Cipla to establish a front-end presence in Morocco's pharmaceutical market, becoming the launch vehicle for Cipla's portfolio while leveraging the commercial strengths of partners. The initial focus of the JV shall be respiratory and neurology products and it shall also invest in setting up a manufacturing facility in Morocco. As per the agreement, Cipla (EU) Limited will hold 60% stake in the JV, while Cooper Pharma and PHI shall together hold 40% stake. Cipla (EU) Limited's expected investment in cash in the JV is estimated at up to USD 15 million.
Commenting on the announcement, Mr Subhanu Saxena, MD & Global CEO, Cipla Limited said: "Morocco is an attractive pharmaceutical market in the African continent. This JV is aimed to strengthen Cipla's presence in Morocco, which is in-line with our global growth strategy to build front-end presence in key markets. Cipla has enjoyed a long-standing business relationship with Cooper Pharma and PHI for over a decade and this JV will further strengthen Cipla's relationship."
The transaction remains subject to conditions precedent and applicable regulatory approvals.
Limited Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. For more than 70 years, Cipla has emerged as one of the most respected pharmaceutical names in India as well as across more than 150 countries. Cipla's portfolio includes over 1500 products in various therapeutic categories with one quality standard globally. Cipla's turnover in 2013/14 was 1.7 billion USD. Whilst delivering a long-term sustainable business, Cipla recognises its duty to provide affordable medicines. Cipla's emphasis on access for patients was recognized globally for the pioneering role played in HIV/AIDS treatment as the first pharmaceutical company to provide a triple combination anti-retroviral (ARV) in Africa at less than one dollar a day and thereby treating many millions of patients since 2001. Cipla's research and development focuses on developing innovative products and drug delivery systems and has given India and the world many 'firsts' for instance Triomune. In a tightly regulated environment, the company's manufacturing facilities have approvals from all the main regulators including US FDA, UKMHRA, WHO, MCC, ANVISA, and PMDA which means the company provides one universal standard both domestically and internationally.
About Cipla (EU) Limited
Cipla (EU) Limited, U.K. is a wholly owned subsidiary of Cipla Limited.
About Cooper Pharma and PHI
Cooper Pharma and PHI are the leading pharmaceutical companies in Morocco, engaged in pharmaceutical manufacturing, import, promotion and distribution activities. Cooper Pharma and PHI maintain a large product portfolio, across multiple therapeutic areas and have sales coverage across Morocco.