NEW DELHI, Apr 21: With an aim to to develop and commercialise dermatology products for global markets, Pharma major Alembic Pharmaceuticals (APL) today said it has entered into a joint venture agreement with Orbicular Pharmaceutical Technologies Private Limited (Orbicular) and Dr M S Mohan.
The company jumped up by 8 per cent to Rs 616 on the BSE after the company’s announcement that formed 60:40 joint venture agreement (JVA). “APL has entered into joint venture agreement dated 20th April, 2016 with Orbicular Pharmaceutical Technologies Private Limited (Orbicular) and Dr M S Mohan to develop, manufacture and commercialize dermatology products for global markets,” the company said in a statement.
Orbicular has capabilities in developing dermatology products with a fully-equipped and staffed research laboratory in Hyderabad and has a pipeline of products under various stages of development. Manufacturing facility will be established in Aleor Dermaceuticals to enable worldwide registrations, it added.
APL and Orbicular will own 60 per cent and 40 per cent of the equity capital of Aleor when the transaction is completed. The JVA has a standard terms including transfer of employees,financing and borrowing ,management functioning,restriction on transfer of shares,non-compete ,non -solicitation and termination events and consequences. (UNI)
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