Cipla announced that its wholly owned subsidiary, Cipla (EU), U.K., has entered into a joint venture agreement with Jiangsu Acebright
Pharmaceutical Co. (Acebright), China on 15 July 2019 for incorporation of a company (JV company) in China.
The JV company will be in the business of manufacturing, selling and distribution of pharmaceutical products, research and development services, analytical development services with the purpose of providing high quality and affordable drugs.
As per the agreement, Cipla EU will hold 80% stake and Acebright will hold 20% stake in the JV Co. Cipla EU's investment in the JV Co. is estimated up to USD 24 million over a period of 4 years.
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