Mumbai-based drugmaker Cipla has announced it will invest “up to £100m” ($171m) in drug development in the UK.
The company’s commitment to invest in its US subsidiary over several years was agreed following a trade visit to India by George Osborne, Chancellor of the Exchequer for the UK.
Cipla said it will fund the launch of “a range of drugs in the areas of respiratory, oncology and antiretroviral medicines as well as research and development, clinical trials and further expansion internationally and in the UK.”
Its decision “shows the UK's international strength and attractiveness in this sector as well as its growing importance in Cipla’s long term strategy,” said the company’s Chief Financial Officer, Rajesh Garg. The company was pleased with the UK government’s “proactive support,” he said, and said it viewed the UK as “a key hub in our global footprint.”
A treasury spokesman told in-Pharmatechnologist.com Cipla had not yet established full details about the R&D areas the £100m will be spent. He added, “This is an excellent announcement for us, as it underscores the attraction of the UK as a cutting edge hub able to attract top investment.”
Part of the purpose of the visit was to strengthen the two countries’ economic ties, said the spokesman, “which are very strong at the moment.”