Cipla has entered into a binding term sheet with its existing partner, Biopharm SPA, for establishing a joint venture (JV) company in Algeria. The JV Company will manufacture and market respiratory products facilitating Cipla’s front-end presence in Algeria.
As per the term sheet, the company’s wholly owned subsidiary, Cipla (EU), will hold a 40% stake in the JV Company while the remainder will be held by a Biopharm-led Algerian consortium. The JV Company is expected to make an investment of up to $15 million in the construction of a manufacturing facility. Cipla (EU) initial investment in cash in the JV Company is expected to be $6 million.
Cipla has emerged as one of the most respected pharmaceutical names in India as well as across more than 170 countries. Its portfolio includes 2000 products in 65 therapeutic categories with one quality standard globally.
