Cipla Ltd.

Cipla's wholly owned subsidiary in USA -- Cipla Technologies LLC has signed a binding term sheet with Pulmatrix Inc., for an investment in Phase 2 ready asset co-development and licensing opportunity for Pulmazole (Inhaled ltraconazole) for an upfront consideration of $22 million. Entry into a definitive agreement is contingent upon Pulmatrix raising additional funds from the market.

Upon signing the definitive agreement, the co-development cost towards development and the total free cash flow in relation to commercialization of Pulmazole will be further shared by both the parties in a phased manner.

Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. The company’s portfolio includes over 1500 products across wide range of therapeutic categories with one quality standard globally.