Cipla Medpro, a South African subsidiary  of Cipla has entered into an exclusive agreement with the world's largest vaccine manufacturer, Serum Institute of India (SII) in South Africa.

"The partnership will not only enable affordable and accessible vaccines for South Africans, but will also facilitate a reliable supply stream to the South African Government," the company said.

Michel Baijot, head of vaccines, Cipla, said, "This Cipla Medpro - SII agreement reflects again the complementarities of our two like-minded companies in bringing high quality, affordable vaccines to more countries."

The agreement stipulates that Cipla Medpro will become the holder of all Medical Control Council (MCC) regulatory approvals such as product registrations and marketing authorisations. Cipla Medpro has exclusivity and first right of refusal of the SII pipeline within South Africa.

Shares of the company gained Rs 1.3, or 0.19%, to trade at Rs 681.45. The total volume of shares traded was 127,529 at the BSE (1.49 p.m., Thursday).