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Agila Specialties, the subsidiary of Strides Arcolab Ltd, said it was starting a Brazilian joint venture with BioChimico to enter the hospital-based anaesthetics and high-end injections segment there.
Agila will hold 52 per cent equity in the venture, for which the two signed an agreement, Strides said, without disclosing the investment.
Production
The products will be manufactured at Strides' Brazilian facility in Campos, and BioChimico's two plants in Rio de Janeiro and Itatiaia, on a pre-determined cost model and transferred to the new venture for distribution.
Both will transfer selected Brazilian intellectual properties to the new company to enable joint marketing.
Strides already has a Brazilian presence through Aspen Pharma of South Africa to supply penems and penicillin.
The 85-year-old BioChimico Indústria Farmacêutica Ltda is a leading supplier of anaesthetics to Brazil's public and private hospitals.
Supply arrangements
Mr Arun Kumar, Strides' Vice-Chairman and Group Chief Executive Officer, said, “The joint venture will complement Strides' existing licensing and supply arrangements with Aspen Pharma.”
Mr Christoph G. Gross, CEO, BioChimico, said, “The strategic collaboration between the erstwhile competitors will ... ultimately translate into significant sales and profit growth opportunities.”
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