According to the document, The Indian drugmaker's local operation Cipla Medpro will sell and distribute a range of Teva products in South Africa, including those from its opthalmology, central nervous system, women’s health and cardiovascular portfolio.
"Cipla believes that the collaboration with Teva reaffirms its commitment to advancing healthcare for all South Africans," said CEO, Subhanu Saxena.
This was echoed by Cipla Medpro CEO Paul Miller, who said: "This collaboration is highly complementary and aligns strongly with our philosophy of providing South Africans access to a broader range of affordable medicines."
Cipla acquired South Africa-based Medpro in 2013, although it has held a significant stake in the firm since 2010.
The agreement with Teva was accompanied by a 3% surge in Cipla's share price and was generally greeted as apositive move by analysts.
Sarabjit Kour Nangra, vice president, research, pharma, from Angel Broking told India's Live Mint "this tie-up will strengthen the company’s [Cipla's] position in the South Africa" citing the therapeutic areas covered by the agreement as growth opportunities.
News of the Teva sales and distribution deal follows just a few weeks after Cipla announced it will set up a manufacturing plant in Iran in collaboration with its distributor in the country.
The Iran plan – outlined in a filing entitled “signs definitive agreement” on the Bombay Stock Exchange (BSE) last month – will see the Indian drugmaker invest around INR2.55bn ($41m) for a 75% stake in the operation through the provision of “include machinery, equipment, technical know-how.”
Further details of the project were not provided.