Cipla gives wings to its expansion plans, Enters into JV in Morocco
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Drug maker “Morocco is an attractive pharmaceutical market in the African continent. This JV is aimed to strengthen Cipla’s presence in Morocco, which is in-line with our global growth strategy to build front-end presence in key markets. Cipla has enjoyed a long-standing business relationship with Cooper Pharma and PHI for over a decade and this JV will further strengthen Cipla’s relationship,” said Subhanu Saxena, managing director and global CEO of Cipla Limited.
It is worth noting that the tie-up will facilitate Cipla to gain a direct share of the pharmaceutical market in Morocco by leveraging the commercial strengths of its partners. The company also plans to set up a manufacturing unit in the country.
“As per the agreement, Cipla (EU) Limited will hold 60% stake in the JV, while Cooper Pharma and PHI shall together hold 40% stake. Cipla (EU) Limited’s expected investment in cash in the JV is
estimated at up to USD 15 million,” added Saxena.
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