Mid-sized pharma player Strides Arcolab has announced that its wholly owned subsidiary Agila Specialties has signed an agreement with BioChimico of Brazil to set up a joint venture company to cater to the Brazilian hospital market.
Both BioChimico and Agila will transfer selected Brazilian IPs to the Joint Venture, in which Agila is the majority stakeholder with 52%, to market products jointly.
Strides' Brazilian facility in Campos and BioChimico’s two manufacturing plants in Rio de Janeiro and Itatiaia will manufacture products on a pre-determined cost model and transfer the products to the JV for onward distribution in the Brazilian hospital market.
BioChimico is an 85-year old pharmaceutical company in Brazil with a leadership position in anaesthetics, a domain in which Strides does not operate until now. Its portfolio and pipeline is largely made up of injectable antibiotics, inhalation anesthetics, general injectables, peptides, and other hospital niche drugs.
“This JV will complement Strides' existing licensing and supply arrangements with Aspen Pharma and enable Strides to fully tap the Brazilian hospitals market opportunity,“ Arun Kumar, Vice Chairman and Group CEO, Strides Arcolab, said.
The JV aims to emerge as a leading player in anesthetics and high-end injectables in Brazil, using BioChimico’s established credentials in Brazilian hospital market.
“The strategic collaboration between the erstwhile competitors will unleash unique economies of scope and scale, which will ultimately translate into significant sales and profit growth opportunities,” Christoph G. Gross, CEO, BioChimico, said.
Recently, Akorn-Strides, a 50:50 joint venture between Akorn, USA and Strides, has entered into an agreement with global pharma major Pfizer to sell 16 approved Abbreviated New Drug Approvals (ANDAs) and 6 filed ANDAs.
Strides Arcolab, has also announced its plan to increase its stake in Australian firm Ascent Pharmahealth where it holds 60.3% to 94% at an approximate A$40 million, or Rs 180 crore.
Few months ago, the company acquired 70% stake in Bangalore-based biotechnology firm, Inbiopro Solutions, which marks Strides Arcolab’s foray into biologics.