Biocon signs MOU with Neopharma for a JV

Biocon Ltd has announced the Company and Abu Dhabi based pharmaceutical company Neopharma have signed an MOU to establish a JV to manufacture and market a range of Bio-pharmaceuticals for the GCC countries (Gulf Cooperation Council).

This landmark agreement between the two companies heralds the region’s first foray to develop and market life saving biopharmaceutical products.

Dr Kiran Mazumdar-Shaw, Chairman and Managing Director, of the Company said, "The GCC region is an important market for Biocon and the JV with Neopharma is an important milestone for Biocon’s global foray. Neopharma has established a world class manufacturing facility for finished formulations which was inaugurated by President APJ Abdul Kalam in 2003".

The JV will leverage the leadership position that Neopharma commands in the region under the leadership of Dr B R Shetty and expand Neopharma’s existing portfolio with a range of the Company’s generic and novel therapeutics that encompass Diabetes, CVS, Oncology, Auto-immune and Immunosuppressive drugs.

Source : Equity Bulls

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