The European subsidiary of Indian drugmaker Cipla Ltd. and China's Jiangsu Acebright Pharmaceutical Co. Ltd. have formed a joint venture to manufacturing of respiratory drugs in that country.
Cipla EU and Jiangsu Acebright invest a combined $30 million in the joint venture, Cipla said in a statement. While Cipla EU will hold 80 percent stake in the joint venture, the remainder will be with Jiangsu Acebright. Once incorporated, the joint venture will set up a manufacturing facility in China for making respiratory drugs, it added.
"While our core home markets remain our current growth anchors, we see China as a crucial part of our future road map... We are keen to take our well-established expertise in the respiratory segment to patients in China," Cipla's Global Chief Executive Officer Umang Vohra said.
Cipla will also explore routes to build a portfolio of products in other therapeutic segments such as oncology, said Vohra, adding that the pharma company had in May set up its China offices in Shanghai.
"We have a long-standing relationship with Acebright, and this partnership to build a manufacturing facility in China is a significant step for us," the global CEO said.
Jiangsu Acebright Group Chairman Shengping Xu said the tie-up strengthens the group's long-standing partnership of more than 20 years with Cipla.
"We strongly believe the joint venture will bring more products to Chinese patients in the respiratory segment," Xu said.
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