The companies did not disclose the financial details of the deal.
Cipla MD & Global CEO Umang Vohra said: "Diabetes continues to be a focus area for Cipla and with the launch of strong brand like Basaglar, Cipla will be at the forefront of providing a holistic diabetes care with the most comprehensive portfolio across orals and injectables."
The company's focus continues to revolve around care continuum approach for the patients it serves and create greater access to high quality treatment and medication, he added.
Lilly India MD Luca Visini said: "This strategic partnership leverages Lilly's commitment to bring innovation to people suffering from diabetes in India and Cipla's strong on-ground footprint across the country."
Cipla stock was trading 2.22 per cent up at Rs 552.25 on BSE.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)