Cipla sells stake in Hong Kong-based Biomab Holding

ciplaIndian pharmaceuticals giant Cipla Ltd has agreed to sell its entire 25% stake in Biomab Holding Limited, Hong Kong to its joint venture partner, for $25.8 mln.

The stake has been purchased by Biomab Brilliant Limited, a British Virgin Islands-based company which holds the remaining 75% stake.

The transaction is valued at about 165 cr in Indian rupees.

“The closing of the transaction is subject to conditions precedent and receipt of applicable regulatory and other approvals,” Cipla said.

Headquartered in Mumbai, the company has manufacturing facilities in Goa, Bengaluru, Baddi, Indore, Kurkumbh, Patalganga, and Sikkim, along with field stations in Delhi, Pune, and Hyderabad.

Cipla primarily develops medicines to treat cardiovascular disease, arthritis, diabetes, weight control and depression.