Cipla Signs JV with Moroccos Cooper Pharma and PHI
Cipla (EU) Ltd., a wholly-owned subsidiary of Mumbai based drug firm Cipla Ltd., has inked the joint venture agreement with its existing Morocco based trade partners, Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and The Pharmaceutical Institute (PHI). The partnership is expected to focus on marketing respiratory and neurology products in Morocco’s market. The company plans to set up a manufacturing unit in the country.
“Morocco is a growing pharmaceutical market in the African continent. The agreement aims to strengthen Cipla’s presence in this continent, which is in-line with our global growth strategy to build front-end presence in key market areas. This joint venture will further strengthen Cipla’s long-standing business relationship with Cooper Pharma and PHI for over a decade now,” informs Subhanu Saxena, Managing Director and Global CEO of Cipla Limited.
By leveraging the commercial strengths of its partners, the tie-up is also expected to facilitate Cipla to gain a direct share of the pharmaceutical market in Morocco. “As per the joint venture, Cipla (EU) Ltd will hold 60 percent stake, while Cooper Pharma and PHI shall together hold 40 percent stake. Cipla (EU) Ltd’s expected investment in cash in the agreement is estimated at up to US$ 15 million,” added Saxena. It should be noted that the proposed joint venture is subjected to regulatory approvals.
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