Cipla collaborates with Teva Pharma to sell drugs in South Africa
- Livemint" target="_blank">Livemint
- October 10, 2014
New Delhi: Indian generic drug maker Cipla Ltd announced on Thursday that its has entered into a collaboration with world's largest generic player, Teva Pharmaceutical Industries Ltd, for the South African market.
"This collaboration is highly complementary and aligns strongly with our philosophy of providing South Africans with access to a broader range of affordable medicines," said Paul Miller, CEO of Cipla Medpro.
The collaboration is signed between Medpro Pharmaceutical (Pty) Ltd, a subsidiary of Cipla Medpro, the Indian drug makers' South Africa-based subsidiary, and Teva Pharmaceuticals Ltd, an affiliate of Teva Pharmaceutical Industries.
According to a stock exchange announcement, the collaboration between the two companies is a sales and distribution agreement where Cipla Medpro will exclusively market Teva's pharmaceutical products portfolio in South Africa.
"Cipla Medpro will exclusively market Teva's broad pharmaceutical product portfolio in South Africa, with focus on therapeutic areas, such as oncology, central nervous system, women's health, cardiovascular, ophthalmology and other specialty products. This tie-up will strengthen the company's position in the South Africa," said Sarabjit Kour Nangra, vice president, research, pharma, Angel Broking.
The company has been investing to consolidate its position in foreign markets. Earlier this month, it inked an agreement with its existing Iranian distributor to set up a manufacturing facility in Iran. For this, the company will invest around Rs.225 crore for 75% stake in holding of proposed unit.
In 2013, Cipla completed acquisition of its South Africa-based distribution partner Cipla Medpro for around $512 million.
Cipla shares were trading at Rs.598.10 at BSE, an increase of 2.2% from its previous close of Rs.585.30 at 1:54pm on Thursday. The Sensex was, meanwhile, trading higher by 1.5% at 26,634.80.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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