Pharma major Zydus Cadila on Thursday entered into an agreement with Mayne Pharma of Australia to set up a 50:50 joint venture company to manufacture generic injectible cytotoxic (anti-cancer) medicines and active pharmaceutical ingredients for global markets.
Under the agreement, Zydus Cadila and Mayne will equally share the investment and validation of costs for a manufacturing facility to be set up in Gujarat, a press statement by Zydus Cadila said. It, however, did not disclose the amount the companies would invest to set up the new facility.
The plant, which will manufacture both solutions and freeze-dried products, will have a maximum capacity of 10-12 million vials per year, it added.
The construction of the new facility will start in the second quarter of 2005 and the venture is expected to start production by 2007 subject to regulatory approvals, it added.
In the initial phase, the new facility will manufacture a defined range of generic injectible cytotoxic medicines, it said.
Zydus Cadila chairman and managing director Pankaj R Patel said the long-term strategic agreement offered enormous opportunities and the pooling in of respective expertise of the partners would help in employment generation and better healthcare therapies besides benefitting the companies.
Mayne group's managing director and chief executive officer Stuart James described the joint venture as a step towards combining its global sales and marketing reach with a globally competitive supply chain.
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