Cipla, an Indian generic pharma, has sold its 48% stake in Jiangsu Cdymax Pharmaceuticals, an API company, for $18.5 million, which was the price Cipla paid for the stake two years ago. The buyer was another shareholder in Cdymax. At the time of the original purchase, Cipla wanted to enter the API business, but its strategy has changed. The company said it wants to be in China by offering “affordable high quality products.” Previously, Cipla announced a biosimilar project for China.
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