Aurobindo Pharma, Shanghai LongJin sign deal to form JV in China

The joint venture is for development, manufacturing, marketing and sale of pharmaceutical products for China, excluding Taiwan, Hongkong and Macau, Aurobindo Pharma said in a filing to the BSE.

New Delhi: Drug firm Aurobindo Pharma on Friday said its arm Helix Healthcare B V, Netherlands has entered into an agreement with Chinese firm Shanghai LongJin Investment Company and Sveva Capitals, Hongkong to form a JV firm, Longxiang Pharma Taizhou Co Ltd in China.

The joint venture is for development, manufacturing, marketing and sale of pharmaceutical products for China, excluding Taiwan, Hongkong and Macau, Aurobindo Pharma said in a filing to the BSE.

While Helix will have 57 per cent shareholding in the JV, LongJin will have 40 per cent and Sveva will have 3 per cent shareholding, it added.

"Commencement of commercial production of JVC is expected during 2022-23," Aurobindo Pharma said.

Read Also: 2 dead, 1 injured after a fire engulfed Aurobindo Pharma power plant in Andhra Pradesh

Helix has the right to appoint three directors, while LongJin has the right to appoint two directors in JVC, it added.

Read Also: Aurobindo Pharma Q1 net profit up by 39.52 per cent to Rs 636 crore