Alembic Pharma

Gains 3% on JV with Chinese firms

|SPH Sine | Alembic & Adia shall hold 51 percent | 44 percent & 5 percent | equity respectively in the joint venture.|

Shares of Alembic Pharmaceuticals rose 3 percent in the early trade on Wednesday after the company entered into JV agreement with Chinese firms.

The company has entered into a joint venture agreement with SPH SINE Pharmaceutical Laboratories Co Ltd, China & Adia (Shanghai) Pharma Co Ltd, China to promote and sell pharmaceutical products for the Chinese market, as per company's BSE filing.

Initially, this JV will commercialize products manufactured by Alembic Pharmaceuticals and subsequently the JV plans to set up a manufacturing facility in China, it added.

The JV will commercialize 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.

SPH Sine, Alembic & Adia shall hold 51 percent, 44 percent & 5 percent equity respectively in the joint venture.

At 09:22 hrs Alembic Pharmaceuticals was quoting at Rs 561.20, up Rs 10.10, or 1.83 percent on the BSE.

Source:- https://www.moneycontrol.com/news/business/stocks/alembic-pharma-gains-3-on-jv-with-chinese-firms-3945591.html