Cipla to make investment of £100m in its UK subsidiary
Funding will support launch of range of products in respiratory, oncology and antiretroviral medicines
Indian pharmaceutical manufacturer Cipla Ltd has informed the Bombay Stock Exchange (BSE) that the company, in collaboration with the UK government, will make investments of up to £100m in its UK subsidiary, based in Esher, Surrey, over the next few years.
The investments are expected to facilitate the launch of a range of products in the area of respiratory, oncology and antiretroviral medicines to further Cipla’s aim for 'universal affordable access' to medicines for patients.
Cipla, headquartered in Mumbai, also plans to invest in R&D activities, clinical trials and expand further internationally. The investment underscores the growing importance of UK in Cipla’s long term strategy.
The announcement comes as Britain's Chancellor George Osborne and Foreign Secretary William Hague begin a two-day trip to India today (Monday).
Their visit comes as a new government, led by Narendra Modi, has been elected in India. Modi is expected to announce new reforms to boost economic growth.
Cipla's Chairman, Yusuf Hamied, appeared in joint 150th position in The Sunday Times Rich List 2014. The company was founded by his father in 1935. Hamied's fortune is worth £663m, a fall from £597m in 2013, according to The Sunday Times.
