Mumbai-based drugmaker Cipla Ltd plans to invest up to £100 million (around $171 million) in its UK-based subsidiary in the next few years, the company announced along with UK Government on Monday.
“The investment will fund the launch of a range of drugs in areas of respiratory, oncology and antiretroviral medicines as well as research and development, clinical trials and further expansion internationally and in the UK,” said George Osborne, chancellor of the UK exchequer.
“We are very pleased to be making this investment in the UK. We were impressed with the pro-active support and engagement that the UK Government and its various ministries showed in attracting Cipla to choose the UK as a key hub in our global footprint,” said Rajesh Garg, global chief financial officer of Cipla.
Generic drugmaker Cipla has been aggressively growing its footprint internationally through acquisitions to increase its market share. Last month the company announced its plans to acquire 51 per cent stake in a UAE-based pharma company. Earlier the company acquired 60 per cent stake in a Sri Lankan company for $14 million.
Cipla started this expansion phase last year when it acquired its distribution partner in South Africa—Cipla Medpro South Africa Ltd—for $512 million. This was the company’s first acquisition in three years. In 2010, it acquired stake in Meditab Specialities Pvt Ltd, Mab Pharm and a drug formulation facility in Sikkim.
(Edited by Joby Puthuparampil Johnson)
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