Synovics and Maneesh Pharmaceuticals form JV

The joint venture (JV) between the companies is intended to be used as a vehicle for Synovics to have access to assets of Maneesh including personnel, drug development, operating and management systems and manufacturing.

The terms of the joint venture provide that the company will pay Maneesh a modest monthly fee beginning in six months and reimbursement for certain costs. There is no anticipated sharing or other distribution of Synovics’s profits with Maneesh in the JV, although the parties may agree to certain fees for products or technology licensed in the future.

Ronald Lane, chairman and CEO of Synovics, said: “Maneesh provides a critical high quality competitive manufacturing technology as a cornerstone of this strategy. In the joint venture, Synovics will also have access to substantial resources to build and operate its business well beyond those available in-house with its current stage of development.”