Claris Lifesciences has entered into a joint venture with Japan's Otsuka Pharmaceutical Factory and Mitsui & Co for its infusions business in India and emerging markets, the Ahmedabad-based company said on Friday. The business is valued at Rs 1,313 crore and Claris said it will receive Rs 1,050 crore in cash over multiple agreements.
The joint venture will include the common solutions, anti-infectives, plasma volume expanders and parenteral nutrition therapies, which Claris will transfer to the joint venture. Claris and Mitsui will hold 20 percent each in the JV, while the rest will be held by Otsuka Pharma, it said.
Historically, these business accounted for about 55 percent of its business, Claris said.
Further as per the deal, Two out of the five plants will also be transferred to the JV and Claris-Otsuka will co-brand the products in India and across emerging markets. The JV will also introduce Otsuka's specialty products in India and emerging markets, and Otsuka will also have an opportunity to leverage the JV's manufacturing infrastructure and supply chain for its global business.
Meanwhile, Claris said it will remain focused on its specialty generic injectables business and intensify its growth in international markets, especially the regulated markets of US and European Union, via new product launches.
"This partnership enables Claris to focus and intensify its efforts to build out its specialty injectables business. Globally injectable products are in shortage as pure-play injectables companies are a rarity. The company has always had a niche positioning within the injectables domain and this transaction will help us to further build on the advantage by intensifying our new product development pipeline with several large and complex injectable products," said Arjun Handa, MD and CEO.
It will also look at organic and inorganic growth opportunities to fast track growth, Claris said.
Handa will be the chairman of Claris-Otsuka and Claris will appoint the JV's CEO.
Claris shares were down 1.8 percent at Rs 270 on BSE in afternoon trade.
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