Pharma firm Cipla and Kemwell Biopharma on Wednesday announced the execution of a joint venture agreement to develop, manufacture and commercialise biosimilars for global markets.
For this purpose, a joint venture company shall be incorporated with an aim to enter the respiratory biosimilars space, Cipla said in a regulatory filing.
Under the terms of the pact, 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 biopharmaceutical products, it added.
"This development reinforces our strength as leaders in respiratory therapy and is in line with our aspiration of global lung leadership," Cipla Managing Director and Global Chief Executive Officer (CEO) Umang Vohra said.
On the development, Kemwell Chairman and CEO Anurag Bagaria said, "We are very excited about combining the strengths of Cipla's expertise in the development and commercialisation of respiratory products and Kemwell's biologics capabilities. Through this JV, we aim to make cost-effective biotherapeutics available to more patients globally." Cipla Limited will hold a 60 percent 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 percent from its previous close.
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