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Cipla to sell entire stake in Biomab Holding for $25,775,000
Drug major Cipla has entered into an agreement to sell its entire stake in Biomab Holding to Biomab Brilliant Ltd for a consideration of USD 25,775,000 to focus on biological segment under its arm Cipla BioTec.
New Delhi: Drug major Cipla has entered into an agreement to sell its entire stake in Biomab Holding to Biomab Brilliant Ltd for a consideration of USD 25,775,000 to focus on biological segment under its arm Cipla BioTec.
"The company has entered into a definitive agreement to sell its entire 25 percent stake in Biomab Holding Ltd, Hong Kong to Biomab Brilliant Ltd, British Virgin Islands which holds the remaining 75 percent stake in BHL, for a total consideration of USD 25,775,000," Cipla said in a statement.
Biomab Holding is focused on developing Biosimilars for the Chinese market, it added.
"Going forward, the company's biological business will be consolidated under Cipla BioTec," the company said.
Cipla BioTec will focus on research, development, manufacturing and marketing of Biosimilars, in the field of cancer, auto-immune diseases, respiratory diseases and diabetes, it added.
Commenting on the development, Cipla New Ventures Head Chandru Chawla said: "Cipla is seeing some very good momentum in its Biotech programmes. Through Cipla BioTec, we will focus on global product development with the aim of making biological therapies accessible and affordable to patients in need."