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Cipla Ltd has entered into a definitive agreement to sell its entire 25 percent stake in Biomab Holding Limited (BHL), Hong Kong, to Biomab Brilliant Limited, which holds the remaining 75 percent stake in BHL, for a total consideration of $ 25.775 million (about Rs 169 crore).
Biomab Holding Limited is focused on developing biosimilars for the Chinese market. The closing of the transaction is subject to conditions precedent and receipt of applicable regulatory and other approvals.
Going forward, Cipla’s biological business will be consolidated under Cipla BioTec, which 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, Cipla aims to create a transformational impact in the way these medicines are used.
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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.”
