Cipla Ltd and Kemwell Biopharma Pvt Ltd on Wednesday announced the execution of a joint venture (JV) agreement to develop, manufacture and commercialise biosimilars for global markets.
The two companies will incorporate the JV for this purpose to enter the respiratory biosimilars space, Cipla said in a regulatory filing.
Under the terms of the agreement, the joint venture will leverage Cipla and Kemwell's complementary strengths for end-to-end product development, clinical development, regulatory filings, manufacturing and commercialisation of biopharmceutical products, the pharma major said.
"Cipla's respiratory prowess combined with Kemwell's expertise in biologics will accelerate bringing these essential products to market," Cipla added.
"This development reinforces our strength as leaders in respiratory therapy and is in line with our aspiration of global lung leadership. Guided by our purpose of 'Caring for life' our partnership with Kemwell will help serve unmet needs of patients across the globe," said Umang Vohra, Managing Director and Global Chief Executive Officer of Cipla.
Anurag Bagaria, Chairman and Chief Executive Officer of Kemwell, also noted: "Through this JV, we aim to make cost-effective biotherapeutics available to more patients globally."
Cipla Limited will hold a 60 per cent stake in the JV company on a fully diluted basis, the pharma major said in another regulatory filing.
Shares of Cipla closed at Rs 913 per scrip on BSE, down 0.48 per cent from its previous close.
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