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Vadodara-based Alembic Pharmaceuticals Ltd on Tuesday announced the signing of a joint venture agreement with SPH SINE Pharmaceutical Laboratories Co Ltd and Adia (Shanghai) Pharma Co Ltd to promote and sell pharmaceutical products in the Chinese market.
SPH, Alembic and Adia will respectively hold 51 per cent, 44 per cent and 5 per cent in the joint venture. They will look to set up a manufacturing facility in China besides commercialising the existing products manufactured by Alembic at its Indian facilities.
The deal covers management functioning, restriction on transfer of shares, non-compete and termination events and consequences. The registered capital of the new company will be RMB 1 million (approximately ₹1 crore).
“The JV will commercialise products in the Chinese market which has an increasing demand for generic drugs. It will initially launch with a portfolio of oral solids and is expected to widen to other areas like injectable, ophthalmology, dermatology & oncology which are being currently developed and manufactured by Alembic,” a company statement said.
The agreement was signed at the Vadodara headquarters of Alembic. The company statement further said Alembic is one of the leaders in branded generics in India. Its brands are marketed by a team of over 5,000 people.
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