Economy, Business And Markets

India’s Cipla Signs Contract

India’s Cipla Signs ContractIndia’s Cipla Signs Contract

Mumbai-based pharmaceutical company Cipla has announced that it has signed a new contract with its existing distributor to produce generic drugs in Iran. The Indian firm’s investment of $37 million in a new production plant would see the company hold a 75 percent stake in the proposed unit. Cipla has said it will also offer new drug manufacturing equipment in addition to its technical know-how. Recently the company announced it acquired a 60 percent stake in an unnamed Sri Lankan-based company for $14 million, which would market its products in that country. It also acquired 51 percent stake in a UAE-based pharmaceutical company which has manufacturing and distribution business in Yemen for $21 million.