Cipla Ltd will hold a 40 per cent stake in the JV company while the remainder will be held by a Biopharm-led Algerian consortium.
The joint venture company is expected to make an investment of up to $ 15 million in the construction of a manufacturing facility.
Biopharm SPA specialises in the production and distribution of generic drugs, including anti-infective, anti-inflammatory and antalgic, cardiology, dermatology, gastroenterology, neuropsychiatry, pneumo allergology, and rheumatology. It offers liquids, creams and gels, tablets, and powder. The company was founded in 1992 and is based in Alger, Algeria.
Cipla is an Indian multinational pharmaceutical and biotechnology company which primarily develops medicines to treat cardiovascular disease, arthritis, diabetes, weight control, depression and other medical conditions.
Algeria’s pharmaceutical market, one of the largest in Africa, is worth three billion US dollar and posts a 10 pc annual growth. It is expected to reach US $5 billion by 2017.
As only 30 per cent of consumed drugs are manufactured locally, the Algerian government has undertaken to boost investment projects in the pharmaceutical field to reverse this trend completely.