This Article is From Jul 07, 2014

Cipla to Invest upto 100 Million Pounds in UK as Part of Expansion

New Delhi:

Pharma major Cipla will invest up to 100 million pounds (nearly Rs 1,030 crore) in UK over next few years for launch and development of new drugs as part of its global footprint expansion plans.

The company will provide high quality affordable medicines to British National Health Service (NHS).

"I am happy to be able to announce that Indian pharmaceutical company Cipla will invest up to GBP 100 million in the UK," a company statement said quoting UK chancellor of the exchequer George Osborne.

He further added the investment will fund the launch of a range of drugs in the areas of respiratory, oncology and antiretroviral segments.

This will include research and development, clinical trials and further expansion internationally and in the UK.

Commenting on the development, Cipla Board member and global chief financial officer Rajesh Garg said "We are very pleased to be making this investment in the UK. We were impressed with the proactive support and engagement that the UK Government and its various ministries showed in attracting Cipla to choose the UK as a key hub in our global footprint."

The Mumbai based company has portfolio of over 2,000 products in 65 therapeutic categories.

Shares of Cipla on Monday closed at Rs 449.30 per scrip on Bombay Stock Exchange (BSE), up 0.31 per cent from its previous close.