Aurobindo Pharma in generic drugs JV with Russia's Diod
07 Sep 2011
Aurobindo Pharma Limited has set up a joint venture with OJSC Diod, a Russian manufacturer of ecological healthcare equipment and nutrition supplements, to manufacture and market generic drugs.
The investment holding subsidiaries of Aurobindo and Diod set up the 50:50 joint venture in Russia under the name Aurospharma Company.
The joint venture will manufacture and sell pharmaceutical products in the markets of Russia, Belarus and Kazakhstan.
The joint venture plans to construct a state-of-the-art plant to manufacture non-Penicillin and non-Cephalosporin Rx generics and other drugs that are categorised as over-the-counter (OTC) products in Russia.
The joint venture will own 100 per cent interest in Diod's CJSC Olifen, which is engaged in the production of pharmaceutical substances, subject to due diligence, in order to harmonize interests of the JV partners in the Russian market, the company said in a release.
In addition, the JV will source penicillins, cephalosporins and a few other therapy products manufactured by Aurobindo Pharma Ltd, India to sell in the markets of Russia, Belarus and Kazakhstan.
