Cipla sells stake in Chinese biotech firm

In 2010, Cipla had invested $65 mn to acquire stakes in MabPharm and Biomab Holding in Hong Kong

Cipla has sold its entire 25% stake in Biomab Holding Limited, a biosimilars development company in China to its majority owners for $ 25 million (about Rs 162 crore), the drug maker announced today.

In 2010, Cipla had invested $65 million to acquire stakes in two firms - MabPharm, an Indian biotech company and Biomab Holding in Hong Kong

Cipla said going forward the company's biological business will be consolidated under Cipla BioTec. It 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.

Chandru Chawla, head of Cipla new ventures said: "Cipla is seeing some very good momentum in its biotech programs. Through Cipla BioTec we will focus on global product development with the aim of making biological therapies accessible and affordable to patients in need."