CIPLA and Jiangsu Acebright to form a JV company in China

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BiznextIndia : Cipla (EU) Limited, U.K., a wholly owned subsidiary of Indian pharma major Cipla limited has entered into a joint venture agreement with Jiangsu Acebright Pharmaceutical Company of China on 15th July 2019 for incorporation of a Joint Venture company in China.

The JV Co. 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, CIPLA said in a regulatory filing.

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. The JV Co. will become a related party upon incorporation and first tranche of investment; and any investments in JV Co. will be a related party transaction.

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