Divests its remaining stake in Hong Kong-based Biomab Holding to focus on global development under Cipla BioTec
Cipla has entered into a definitive agreement to sell its entire 25 per cent stake in Biomab Holding Limited, Hong Kong (BHL) to Biomab Brilliant, British Virgin Islands which holds the remaining 75 per cent stake in BHL, for a total consideration of $25,775,000.
Biomab Holding is focused on developing biosimilars for the Chinese market. Going forward, the company’s biological business will be consolidated under Cipla BioTec. Cipla BioTec will focus on research, development, manufacturing and marketing of Biosimilars, in the field of cancer, auto-immune diseases, respiratory diseases and diabetes. Through innovative technology and go to market solutions, it aims to create a transformational impact in the way these medicines are used.
Chandru Chawla, Head, Cipla New Ventures 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.”