Cipla and Kemwell Biopharma announce execution of a joint venture agreement for biosimilars

Cipla Limited (BSE: 500087 | NSE: CIPLA EQ, hereafter referred to as "Cipla"), a leading global pharmaceutical company and Kemwell Biopharma Private Limited, a leading biopharmaceutical Contract Development and Manufacturing Organisation (CDMO), announced execution of a joint venture agreement to develop, manufacture and commercialise biosimilars for global markets. For this purpose, a joint venture company shall be incorporated with an aim to enter the respiratory biosimilars space.

Under the terms of the agreement, the joint venture will leverage Cipla and Kemwell's complementary strengths for end-to-end product development, clinical development, regulatory filings, manufacturing and commercialisation of biopharmceutical products. Cipla's respiratory prowess combined with Kemwell's expertise in biologics will accelerate bringing these essential products to market.

Umang Vohra, Managing Director & Global Chief Executive Officer of Cipla, said: "This development reinforces our strength as leaders in respiratory therapy and is in line with our aspiration of global lung leadership. Guided by our purpose of 'Caring for life' our partnership with Kemwell will help serve unmet needs of patients across the globe."

Anurag Bagaria, Chairman and Chief Executive Officer of Kemwell, said: "We are very excited about combining the strengths of Cipla's expertise in development and commercialisation of respiratory products and Kemwell's biologics capabilities. Through this JV, we aim to make cost-effective biotherapeutics available to more patients globally."

Shares of Cipla Ltd., was last trading in BSE at Rs. 913 as compared to the previous close of Rs. 917.4. The total number of shares traded during the day was 162947 in over 3297 trades.

The stock hit an intraday high of Rs. 923.25 and intraday low of 906.45. The net turnover during the day was Rs. 148838118.

Source : Equity Bulls

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