Cipla Form Joint Venture With established Chinese Company

India-based Cipla, is planing to initiate production of biotechnology medicines in the near future, reported business standard. The company will be setting up a joint venture with a Chinese firm, where it will be a 50:50 joint venture. The joint venture is said to be based in India, but it plans to manufacture and market products for domestic and overseas markets.

A Cipla official in talk with business standard, said: “We are in the process of signing the joint venture agreement. The details will be shared once it’s over.”

Reportedly the Chinese firm is an established biotech company with product in Chinese market.

Earlier, Cipla’s joint venture with Bangalore-based Avestha Gengraine Technologies had failed, since Cipla has been on a watch out for a biotech partner. The Chinese joint venture will launch off patent versions of biotechnology medicines by 2010.