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MUMBAI & JIANGSU, China, July 16, 2019 /PRNewswire/ -- Cipla (EU) Limited, ("Cipla EU"), a U.K.-based wholly-owned subsidiary of the leading global pharmaceutical company Cipla Limited (BSE: 500087) (NSE: CIPLA EQ) (hereafter referred to as "Cipla") and Jiangsu Acebright Pharmaceutical Co. Ltd. ("Acebright") announced that they have entered into an agreement to set up a joint venture company ("JV Co") in the People's Republic of China ("China").
According to the agreement, upon incorporation, the JV Co will become a subsidiary of Cipla. Cipla EU will hold an 80% stake and Acebright will hold a 20% stake in it for a combined investment of USD 30mn. Upon incorporation, the JV Co will set up a manufacturing facility for local manufacture of respiratory products.
Shengping Xu, Chairman of Acebright Group, said, "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."
Umang Vohra, MD & Global CEO of Cipla, said, "While our core home markets remain our current growth anchors, we see China as a crucial part of our future roadmap. In May, we inaugurated our office in Shanghai. 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."
About Acebright:
Jiangsu Acebright Pharmaceuticals Co., Ltd., is a subsidiary of the Shanghai Acebright Pharmaceuticals Group Co., Ltd. Acebright Group, established in 1996, is mainly engaged in anti-viral, oncology products and vitamin ingredients.
As a main supplier of anti-viral and oncology APIs for global market, Acebright Group also offers finished dosage products to meet HIV/AIDS and cancer patients' needs for China market. Acebright Group is also an important vitamin manufacturer, having its business and vitamin-based food and feed additive products in more than 70 countries and regions around the world. With 20 years' accumulation of technology, Acebright Group provides CDMO service through NMPA, FDA, EMEA and WHO approved sites for potent/general APIs as well as oral/injectable finished dosage forms.
For more information, please visit: http://www.acebright.com
About Cipla:
Established in 1935, 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. Our strengths in the respiratory, anti-retroviral, urology, cardiology and CNS segments are well known. Our 44 manufacturing sites around the world produce 50+ dosage forms and 1,500+ products using cutting-edge technology platforms to cater to our 80+ markets. Cipla is ranked 3rd largest in pharma in India (IQVIA MAT Mar'19), 3rd largest in the pharma private market in South Africa (IQVIA MAT Mar'19), and is among the most dispensed generic players in the US. For over eight decades, making a difference to patients has inspired every aspect of Cipla's work. Our paradigm-changing offer of a triple anti-retroviral therapy in HIV/AIDS at less than a dollar a day in Africa in 2001 is widely acknowledged as having contributed to bringing inclusiveness, accessibility and affordability to the centre of the movement. A responsible corporate citizen, Cipla's humanitarian approach to healthcare in pursuit of its purpose of 'Caring for Life' and deep-rooted community links wherever it is present make it a partner of choice to global health bodies, peers and all stakeholders. For more, please visit www.cipla.com, or click on Twitter, Facebook, LinkedIn.
For queries, please contact:
Corporate Communications
Heena Kanal
E-Mail: CorpComm@cipla.com
Investor Relations
Naveen Bansal
E-Mail: Investor.Relations@cipla.com