By John Lee.
Indian pharmaceutical company Cipla Holding has entered into a joint venture agreement with Ahran Tejarat for manufacturing and marketing pharmaceutical products in Iran.
Under the agreement, Cipla will initially acquire a 75 percent stake in Iranian firm Issat Co., which is currently owned by Ahran Tejarat, for a cash consideration of €1.35 million and infuse up to €15.525 million into the joint venture (JV) as equity over the coming year.
Ahran Tejarat will hold 25 percent in the JV.
The transaction is expected to be completed by March 2017, subject to regulatory approvals.