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news.Aurobindo Pharma and OJSC Diod have set up a new joint venture in Russia with 50-50 partnership, through their investment holding subsidiaries.
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The new JV – Aurospharma – intends to construct a plant to manufacture non penicillin and non cephalosporin Rx generics and other drugs that are categorized as over the counter (OTC) products in Russia.
Diod will transfer 100% interest in the CJSC Olifen (engaged in production of pharmaceutical substances) to the JV company to harmonize interests of the JV partners in the Russian market environment, subject to due diligence.
Further, the JV shall source penicillins, cephalosporins and few other therapy products manufactured by Aurobindo Pharma India to sell in the markets of Russia, Belarus and Kazakhstan.
Diod CEO Vladimir Tikhonov said Diod intends to enrich this project with its experience in selling medicinal drugs and nutrition supplements in the markets of Russia, Belarus and Kazakhstan and support it with its own distribution network resources and streamlined channels of interfacing with medical organizations.