NEW DELHI: Drug major Cipla announced completion of selling its entire holding in Hong Kong-based Biomab Holding to Biomab Brilliant for $ 2.5 million.
The company on January 22, 2016 completed the transfer formalities in relation to the divestment of its entire 25 per cent stake held in Biomab Holding Limited, Hong Kong, Cipla said in a BSE filing.
“Consequently, the Company ceases to hold any stake in Biomab,” it added.
In October last year, Cipla had entered into an agreement to sell its entire 25 per cent stake in Biomab Holding to Biomab Brilliant Ltd for a consideration of $ 25,775,000 to focus on biological segment under its arm Cipla BioTec.
Biomab Brilliant Ltd, British Virgin Islands held the remaining 75 per cent stake in BHL.
Biomab Holding is focused on developing Biosimilars for the Chinese market.
Cipla had stated that going forward, its biological business would be consolidated under Cipla BioTec and focus on research, development, manufacturing and marketing of Biosimilars, in the field of cancer, auto-immune diseases, respiratory diseases and diabetes.