Alembic-Orbicular Pharma JV to develop, manufacture dermatology products

New Delhi : Alembic Pharmaceuticals Ltd (APL) said it has entered into a joint venture with Orbicular Pharmaceutical Technologies and Dr M S Mohan to develop, manufacture and commercialise dermatology products for global markets.

"APL and Orbicular will own 60 per cent and 40 per cent of the equity capital of Aleor when the transaction is completed," the Vadodara-based company said in a BSE filing.

It further said: "The joint venture agreement has standard terms including transfer of employees, financing and borrowing, management functioning, restriction on transfer of shares, non-compete, non-solicitation and termination events and consequences."

Orbicular has capabilities in developing dermatology products with a fully-equipped and staff research laboratory in Hyderabad and has a pipeline of products under various stages of development, Alembic Pharma said.

Mohan is one of the founders of Orbicular Pharmaceutical Technologies.

"Manufacturing facility will be established in Aleor Dermaceuticals to enable worldwide registrations," it added.

Share of Alembic Pharmaceuticals shares were trading 6.75 per cent up at Rs 610 apiece on BSE.