Edition:
United Kingdom

Aurobindo Pharma Says Unit And Luoxin To Establish JV In China


Tuesday, 11 Dec 2018 

Dec 11 (Reuters) - Aurobindo Pharma Ltd ::UNIT ENTERED DEAL WITH SHANDONG LUOXIN PHARMACEUTICAL GROUP STOCK CO., LTD, CHINA (LUOXIN) TO ESTABLISH JV IN CHINA.SAYS PERCENTAGE OF SHAREHOLDING IN THE JVC WILL BE 30 PERCENT AND 70 PERCENT BETWEEN HELIX AND LUOXIN.JV TO HAVE FACILITIES TO MANUFACTURE NEBULISER INHALER AND OTHER PRODUCTS FOR CHINA, US AND EU MARKETS .ESTIMATED TOTAL PROJECT COST INCLUDING WORKING CAPITAL FOR JV WILL BE $50 MLN.HELIX WILL INVEST $15 MLN, LUOXIN WILL INVEST $35 MLN IN PROPOSED JV IN FORM OF EQUITY IN PHASED MANNER .SAYS COMMENCEMENT OF COMMERCIAL PRODUCTION OF JVC IS EXPECTED DURING 2021.