Cipla sells stake in Chinese biotech firm - (Business Standard via NewsPoints Desk)

  • Cipla has sold its 25-percent stake in Biomab Holding to the majority owners for $25 million, as reported Business Standard Thursday.
  • Cipla paid a total of $65 million in 2010 to acquire stakes in MabPharm and Biomab.
  • Cipla also disclosed that its biological business will be consolidated under Cipla BioTec.
  • "Through Cipla BioTec we will focus on global product development with the aim of making biological therapies accessible and affordable to patients in need," remarked Chandru Chawla, head of Cipla New Ventures.

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