Indian drugmaker Cipla’s UK subsidiary has signed a joint venture (JV ) agreement with existing Moroccan partners, including Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma ) and The Pharmaceutical Institute (PHI) to boost its footprint in the country.
Under the deal, Cipla (EU) will hold 60% interest in the JV, while Cooper Pharma and PHI jointly will own the remaining 40% stake.
Cipla global CEO and managing director Subhanu Saxena said: "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."
The new JV will allow Cipla to expand its operations in the pharmaceutical market of Morocco, in addition to enhancing the commercial strengths of partners.
Initially, the JV will concentrate on respiratory and neurology products, as well as invest to set-up a manufacturing facility in the country.
Cipla (EU) will invest up to $15m in cash in the JV, as per the agreement.
According to Cipla, the deal is subject to conditions precedent and applicable regulatory approvals.
Cooper Pharma and PHI are involved in pharmaceutical manufacturing, import, promotion and distribution activities, in Morocco.
With a portfolio of 1,500 products in various therapeutic categories, Cipla carries out operations in around 150 countries.