Citihealth announces new joint venture deal with Cipla
Thursday, 19 June 2014 00:00
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Forms a new company to further expansion prospects
Citihealth Imports Ltd., yesterday announced a Joint venture with Cipla (Mauritius) Ltd., which is a wholly owned subsidiary of Cipla Limited. Cipla (Mauritius) Limited will own 60% percent stake and Citihealth will hold 40% of the Joint venture entity. The proposed acquisition is subject to regulatory approvals.
Citihealth, one of the largest pharmaceutical companies in Sri Lanka is the local distributor for the products manufactured by Cipla.
“This new company is a long-term strategy that paves the way for the future expansion of both companies and this joint venture agreement will now accelerate our plans for a manufacturing facility in Sri Lanka,” stated Chandra Jayaratne, Chairman Citihealth.
Cipla, through Citihealth, has been in the forefront of marketing anti-asthmatic products in Sri Lanka and supplies HIV drugs to the local market at affordable prices. As part of its global expansion, Cipla has been active in acquisitions and has been a leading player in the Sri Lankan market with a presence of over 18 years.
Established in 1996, Citihealth is one of the largest pharmaceutical companies in Sri Lanka, holding the agency for seven of the leading pharmaceutical companies from India and Bangladesh.
Apart from being the leader in medical devices, surgical consumables, and injectables, Citihealth is also engaged in the marketing of veterinary pharmaceuticals and is the only trading company in this sector to own and manage two diagnostic laboratories to serve the industry.
Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. For more than 70 years, Cipla has emerged as one of the most respected pharmaceutical names in India as well as across more than 170 countries. Cipla’s portfolio includes 2000 products in 65 therapeutic categories with one quality standard globally. Cipla’s turnover in 2012/13 was 1.5 billion USD.
Whilst delivering a long-term sustainable business, Cipla recognises its duty to provide affordable medicines. Cipla’s emphasis on access for patients was recognized globally for the pioneering role played in HIV/AIDS treatment as the first pharmaceutical company to provide a triple combination anti-retroviral (ARV) in Africa at less than one dollar a day and thereby treating many millions of patients since 2001.
Cipla’s research and development focuses on developing innovative products and drug delivery systems and has given India and the world many ‘firsts’ for instance Triomune. In a tightly regulated environment, the company’s manufacturing facilities have approvals from all the main regulators including USFDA, UKMHRA, WHO, MCC, ANVISA, and PMDA which means the company provides one universal standard both domestically and internationally.
