NANJING, July 17 (Xinhua) -- A subsidiary of Indian drugmaker Cipla will work with a pharmaceutical company based in east China's Jiangsu Province to set up a joint venture (JV) in China.
Cipla said its wholly-owned subsidiary Cipla (EU) Limited and Jiangsu Acebright Pharmaceutical Co. reached an agreement on Tuesday to jointly invest 30 million U.S. dollars to build up a JV.
As per the agreement, Cipla (EU) will hold an 80 percent stake and Jiangsu Acebright will hold a 20 percent stake in the JV, which is scheduled to set up a manufacturing facility in China for producing respiratory products.
"We see China as a crucial part of our future roadmap. This partnership to build a manufacturing facility in China is a significant step for us. We are keen to take our expertise in the respiratory segment to patients in China," said Umang Vohra, managing director and global chief executive officer of Cipla.
Established in 1935, Cipla is a leading global pharmaceutical company in India that primarily develops medicines to treat respiratory, cardiovascular disease, arthritis and diabetes.
Jiangsu Acebright is a subsidiary of the Shanghai Acebright Pharmaceuticals Group Co., which mainly focuses on anti-viral and oncology products and vitamin ingredients.