The JV will commercialise products in the Chinese market which has an increasing demand for generic drugs
Alembic has recently entered into a Joint Venture Agreement (JVA) with SPH SINE Pharmaceutical Laboratories, China (SPH Sine) and Adia (Shanghai) Pharma, China (‘Adia’) to promote and sell pharmaceutical products for the Chinese market. Initially, this JV will commercialise products manufactured by Alembic Pharmaceuticals. Subsequently, the JV plans to set up a manufacturing facility in China.
The JV will commercialise products in the Chinese market which has an increasing demand for generic drugs. It will initially launch a portfolio of oral solids and is expected to widen to other areas like injectables, ophthalmology, dermatology and oncology, which are being currently developed and manufactured by Alembic.
SPH Sine, Alembic and Adia shall hold 51 per cent, 44 per cent and five per cent equity in the JVA. The JVA has standard terms including management functioning, restriction on transfer of shares, non-compete and termination events and consequences.
The signing of JVA took place at the Vadodara Headquarters of Alembic Pharmaceuticals in the august presence of Zhao Yong, Chief Minister, SPH Group; Gu Haoliang, Chairman, SPH Sine; Chirayu Amin, Chairman and CEO, Alembic; Pranav Amin, Managing Director, Alembic; Hua Wei, President, Adia and other senior-level dignitaries from all the organisations.
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