Drug maker Cipla Ltd will sell its 25% stake in Biomab Holding Ltd, a Hong Kong company that makes biosimilar drugs for the Chinese market, for nearly $26 million. Biosimilars are the generic versions of biological drugs. The company has signed definitive agreement with British Virgin Islands, which holds the remaining 75%, for a total consideration of $25,775,000.
Cipla’s biological business will now be consolidated under Cipla BioTec. Cipla BioTec will focus on research, development, manufacturing and marketing of biosimilars for cancer, auto-immune diseases, respiratory diseases and diabetes.