Meanwhile, the pharma company stated that the joint venture (JV) agreement entered between Cipla (EU) (wholly owned subsidiary of the company in UK) with Kemwell Biopharma UK and MNI Ventures have received confirmation of incorporation of JV ‘MKC Biotherapeutics Inc.’ from Secretary of State, Delaware, USA on 29 February 2024. The effective date of incorporation is 27 February 2024.

Further, Cipla informed that it has completed the transfer of Generics Business Undertaking as a going concern on a slump sale basis to Cipla Pharma and Life Sciences, a wholly owned subsidiary of the Company on 1 March 2024.

Cipla is a global pharmaceutical company focused on agile and sustainable growth, complex generics, and deepening portfolio in our home markets of India, South Africa, North America, and key regulated and emerging markets.

The pharmaceutical company reported 31.82% increase in consolidated net profit to Rs 1,055.90 crore on 13.53% rise in revenue from operations to Rs 6,505.66 crore in Q3 FY24 over Q3 FY23.

The scrip rose 0.85% to currently trade at Rs 1,483.15 on the BSE.