Gujarat-based Alembic Pharmaceuticals Ltd has entered into a joint venture agreement which would see it picking 49 per cent stake in Adwiya Mami SARL Algeria, for an undisclosed amount, as per a stock market disclosure.
Post conclusion of the deal Adwiya Mami will be renamed as Alembic Mami SPA and the company will be jointly run by Alembic and Mami with equal representation from both on the board.
The investment in Adwiya Mami will give Alembic a quick entry into the $3 billion Algerian market which is dominated by generics (70 per cent generics and 30 per cent innovator drugs).
Tagreed Alshunar, a Jordanian national and professional with an experience over 20 years in the pharma industry, has been appointed as the first CEO of the company and will be the nominee of Alembic.
Established in 1907, Alembic is present in the macrolides segment of anti-infective drugs in India.
While group firm Alembic Ltd has seen through some acquisitions in the past including non-oncology business of Dabur Pharma, this is the first inorganic expansion move by Alembic Pharmaceuticals.
(Edited by Joby Puthuparampil Johnson)