Cipla, a leading drug maker, today announced that the company is divesting entire stake in Biomab Holding for USD 25.77 million.
The company said, "Entered into a definitive agreement to sell entire 25% stake in Biomab Holding, Hong Kong (BHL) to Biomab Brilliant, British Virgin Islands which holds the remaining 75% stake in BHL"
"Going forward, the company's 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," it added.
Biomab Holding is focused on developing Biosimilars for the Chinese market. The closing of the transaction is subject to conditions precedent and receipt of applicable regulatory and other approvals.
Chandru Chawla, Head of Cipla New Ventures said, "Cipla is seeing some very good momentum in its Biotech programs. Through Cipla BioTec we will focus on global product development with the aim of making biological therapies accessible and affordable to patients in need."
Shares of the company declined Rs 4.45, or 0.64%, to settle at Rs 691.10 at the BSE (Thursday).