India's Cipla to acquire minority stakes in two biotech companies

16 June 2010

India's third-largest drugmaker Cipla says it is investing around $65 million to acquire stakes in two biotechnology companies, one in India and the other in Hong Kong, in order to gain a presence in the sector and provide biotech drugs at reasonable prices. The acquisitions will be funded through internal accruals.

Cipla will acquire around 40% in an unnamed Indian biotech company, which is setting up a state of the art facility for biosimilar products in Goa. Cipla will have rights to market all biosimilar products of the company in India and in international markets.

It will also buy a 25% in a Hong Kong based company, also not identified. This firm is setting up a state of the art facility for biosimilar products in Shanghai, China, through its wholly owned subsidiary. Cipla will have rights to market biosimilar products in India and in international markets.

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