Cipla (EU) Ltd., a subsidiary of Cipla UK, has entered into a joint venture with Kemwell Biopharma U.K. and MNI Ventures, Mauritius, to commercialise novel cell therapy products in the U.S., Japan and the EU region.
Cipla (EU) will hold a 35.2% stake in the JV entity after the completion of the initial investment, according to an exchange filing.
The cost of acquisition was stated as a subscription of 352 shares of $1 each for $0.41 million as an initial investment upon incorporation of the JV entity.
The name of the resulting joint venture remains yet to be announced, with the new incorporated company expected to be housed in Delaware, United States.
None of the promoters, promoter group or group companies have any interest in the JV entity, the filing added.
The JV entity will become a related party upon incorporation and the first tranche of investment, and any future investments are said to become related party transactions.
"The investment is expected to be completed within 60 days of the signing of the joint venture agreement or on such other date mutually agreed between the parties, subject to the successful completion or waiver of the conditions precedent as mentioned in the joint venture agreement," it said.
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