Cipla has entered into an agreement to sell its entire 25 per cent stake in Biomad Holding Limited, Hong Kong to Biomab Brilliant Limited, British Virgin Islands which holds the remaining 75 per cent stake in BHL or a total consideration of US$ 25,775,000.
Biomab Holding focuses on developing Biosimilars for the Chinese market.
According to company statement, going forward the 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.
Cipla is seeing some very good momentum in its Biotech programmes. Through Cipla BioTech, we will focus on global product development with the aim of making biological therapies accessible and affordable to patients in need, said Chandru Chawla, Cipla New Ventures Head.