 "Cipla finalises Algeria joint venture plan(spot)")
Cipla has firmed up its plan to manufacture and market respiratory products in Algeria in a joint venture partnership.
On Wednesday, the drug maker announced that it has signed a definitive agreement with its local partner Biopharm SPA for establishing a joint venture company. The deal will enable Cipla to get a front end presence in Algerian market.
The two sides had signed a binding term sheet in February and committed an investment of $15 million. As per the agreement Cipla would hold 40% stake in the company and invest $6 million.
