Indian Pharma News Two Companies Shasun Pharmaceuticals Ltd SeQuent Scientific Ltd Joint Ventured To Produce Sell Veterinary Products

Shasun, SeQuent to develop veterinary products

11:01 AM, 16th July 2013
Indian Pharma Compaines News

CHENNAI/BANGALORE, INDIA: Shasun Pharmaceuticals Ltd (Chennai, India) has signed a Letter of Intent with pharmaceutical firm SeQuent Scientific Ltd (Bangalore, India) to develop, manufacture and sell veterinary products, including active pharmaceutical ingredients (API) and formulations in the global market. The companies will set up a joint venture company, in which SeQuent will hold 73 per cent share while Shasun the remaining 27 per cent.

The JV company expected to operate from first quarter of 2014, will have a manufacturing facility in Vizag in Indian state Andhra Pradesh, where Shasun is presently developing its manufacturing facilities. Plans are on to sell the products to both the domestic and export market.

“We have signed an LOI and the rest of the procedures will follow. We are expecting the JV company to be ready for operation by March 2014. The company does not have exposure in the segment, it would bring in contact which could be used for the growth of the joint venture,” said S Hariharan, Chief Financial Officer, Shasun Pharmaceuticals Ltd.

© Business Standard News


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