Aurobindo Pharma today said it has formed an equal joint venture with Russian healthcare equipment company Ojsc Diod to manufacture and sell drugs in Russia, Belarus and Kazakhstan.
Aurospharma Company, the new JV will set up a plant to make Non Penicillin and Non Cephalosporin Rx generics and other drugs that are categorised as Over-the-Counter (OTC) products in Russia, the company said in a release.
In addition, the JV will source Penicillin, Cephalosporin and few other therapy products manufactured by Aurobindo Pharma to sell in Russia, Belarus and Kazakhstan.
Aurobindo Associate Vice President Vishnu Sriram said, "The JV format gives us an opportunity to localize our production in Russia. Using the Russian partner’s marketing vision, we will be able to enter the growing and challenging Russian market with greater confidence and expedite our presence in the market."
"Aurobindo will enrich the JV with its successful international experience in manufacturing medicinal substances and drugs – the so-called generics."
The plant to be built in Russia will focus on production of socially significant medicinal drugs.
The plant with the GMP standards will be constructed in the Podolsk District (Moscow region) and is expected that the construction will be completed and the plant will attain its rated capacity closer to the end of 2013.
"The establishment of the JV should allow us to become an important player at the Russian pharmaceutical market within the target period," Vladimir Tikhonov, Diod CEO, said.
Aurobindo shares closed 3.31% higher at Rs 137.25 on the Bombay Stock Exchange today.
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