Aurobindo, Diod form JV for Russian market

Hyderabad : Sep 08,2011; 0:54 IST:Aurobindo Pharma Limited and OJSC Diod, a Russian manufacturer of ecological healthcare equipment and nutrition supplements, have established a 50:50 joint venture (JV) – Aurospharma Company – in Russia to manufacture and sell the pharmaceuticals in the markets of Russia, Belarus and Kazakhstan.

The JV intends to construct a plant to manufacture non-penicillin and non-cephalosporin Rx drugs and other drugs that are categorised as over-the-counter (OTC) products in Russia. It has also been contemplated to transfer 100 per cent interest in the CJSC Olifen (engaged in production of pharmaceutical substances) being held by Diod to the JV company, subject to due diligence.