Cipla Gulf FZ LCC is expanding its partnership with Alvotech for the marketing and distribution of four biosimilar medicines in Australia and New Zealand, the company said in a regulatory filing.
PTI
March 02, 2021 / 10:29 AM IST
Cipla | The stock has fallen -6 percent to Rs 801.30 as on January 18 from Rs 856.55 as on January 11.
Drug major Cipla on Tuesday said its Gulf subsidiary is expanding its partnership with Alvotech for the marketing and distribution of four biosimilar medicines in Australia and New Zealand.
Cipla Gulf FZ LCC is expanding its partnership with Alvotech for the marketing and distribution of four biosimilar medicines in Australia and New Zealand, the company said in a regulatory filing.
As part of this strategic alliance, Cipla Gulf will be responsible for commercialisation of patented biosimilars of the biologic medicine brands — Aflibercept, Ustekimumab, Denosumab and Golimumab.
“These are leading products covering therapeutic categories across immunology, osteoporosis, oncology as well as ophthalmology,” the company said.
Cipla said the products are developed and manufactured by Alvotech and will be distributed by Cipla Gulf through Australia and New Zealand distribution networks.These innovative products recorded USD 700 million in aggregate 2020 sales in Australia.
Cipla Gulf had previously entered into a similar agreement with Alvotech in July 2019 for the commercialisation of AVT02, an adalimumab biosimilar, in select emerging markets.
Nishant Saxena, CEO, International Business (Europe & Emerging Markets), Cipla, said, “Ensuring access to critical medicines is core to our purpose of ”Caring for Life” and this partnership is a step in that direction. We believe Alvotech”s products will enhance our biosimilars pipeline and allow us to establish a pantherapy presence in the specialties segment, improving our footprint in this strategic Australia market.”
Shares of Cipla were trading 0.37 percent higher at Rs 792.40 apiece on the BSE.
