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news.Dr Reddy's Laboratories (DRL) is set to sign a definitive agreement with Fujifilm in June 2012, to set up a joint venture (JV) that will develop and produce generic drugs for the Japanese market.
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The company may set up a manufacturing facility in Japan as a part of the joint venture agreement.
The new JV will have 51% stake owned by Fujifilm and 49% stake owned by Dr Reddy’s.
The new company will develop, manufacture and promote generic drugs utilizing both Fujifilm’s quality control technologies and DRL’s expertise, according to DRL.
Dr Reddy’s chief financial officer Umang Vohra told Press Trust of India that a definitive agreement is expected to be signed by June.
"After that it will take two-three years before we come out with products. We will have to get product approvals form Japanese authorities before the launch," Vohra added.