Cipla (EU) Limited will focus on respiratory and neurology portfolio and set up manufacturing plant in the country
Indian pharmaceutical company Cipla has formed a joint venture (JV) agreement with Morocco-based Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and the Pharmaceutical Institute (PHI) to enhance its presence in the region.
Cipla (EU) Limited, a wholly owned subsidiary of the Mumbai-based firm, has signed the JV with the Moroccan companies.
The JV will initially focus on respiratory and neurology products and will also invest in setting up a manufacturing facility in Morocco, the company said.
Cipla (EU) Limited will hold a 60% stake in the JV, while Cooper Pharma and PHI shall together hold 40%. Cipla (EU) Limited will invest up to US$15m in the JV.
Subhanu Saxena, Cipla's MD and Global CEO, said: '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.'