Cipla, an Indian multinational pharmaceutical company, will set up a new plant in Morocco following the signing of a joint venture with two local companies.

Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and The Pharmaceutical Institute (PHI) are the two Moroccan-based companies linking up with Cipla.

The collaboration between the companies will provide Cipla a front-end presence in the North African country, and Cipla is expected to invest $15 million into the joint venture, said a report in Hindu Business Line.

The initial focus of the venture would be respiratory and neurology products, it added.
 
Cipla has a strong presence in Morocco for over a decade through its business partners. And the joint venture will become the launch vehicle for Cipla’s products while leveraging the commercial strengths of its partners.

According to the agreement, Cipla (EU) will hold a 60 per cent stake in the joint venture while Cooper Pharma and PHI would together hold the remaining 40 per cent, it stated.

Subhanu Saxena, managing director and global chief executive at Cipla, said: “Morocco is an attractive pharmaceutical market in the African continent.”

“This joint venture is aimed to strengthen Cipla’s presence in Morocco, which is in line with our global growth strategy to build a front-end presence in key markets,” he added.

Cooper Pharma and PHI are leading pharmaceutical companies in the region engaged in manufacturing, import, promotion and distribution activities.