Drugmaker Cipla on Thursday announced a collaboration with Israel's Teva Pharmaceuticals for sales and distribution of the latter's drugs in South Africa.
The agreement is between Medpro Pharmaceuticals, a subsidiary of Cipla Medpro and Teva Pharmaceuticals pty, an affiliate of Teva Pharmaceuticals Industries, the company said in a filing to the Bombay Stock Exchange (BSE).
"The collaboration is a sales and distribution agreement whereby Cipla Medpro will exclusively market Teva's broad pharmaceutical product portfolio in South Africa," it said.
Commenting on the partnership, Cipla Medpro CEO Paul Miller said: "This collaboration is highly complementary and aligns strongly with our philosophy of providing South Africans access to a broader range of affordable medicines."
The collaboration will focus on oncology, central nervous system, women's health, cardiovascular, ophthalmology and other speciality products.
Cipla Managing Director and Global CEO Subhanu Saxena said: "Cipla believes that the collaboration with Teva reaffirms its commitment to advancing healthcare to all South Africans."
The company, however, said the partnership is subject to approval by the Competition Commission of South Africa.
Last year, Cipla took full control of Cipla Medpro, following completion of Rs 2,707 crore buyout process.
Shares of Cipla were trading 2.66 per cent up at Rs 600.85 per scrip during afternoon trade on the BSE.