Satyanarayana Chava, Founder & CEO, Laurus Labs Limited
| Photo Credit: PAUL NORONHA
Drugmaker Laurus Labs and Slovenia’s generic pharmaceutical firm Krka have decided to set up a joint venture company in Hyderabad to produce finished products for new markets, including India.
Krka will hold a 51% stake and Laurus 49% in the JV, whose registered capital will be Indian rupees equivalent of 50 million euros. Necessary procedures and documentation for registration of the company will be finalised by March 2024, Laurus said on Thursday in a release announcing an agreement with Krka.
Krka and Laurus have been working together contractually for many years and their businesses complement each other. The JV company will “develop a plan to enter the Indian market and other markets outside the European Union where neither party is currently present with its finished products,” it said.
“Our business relationship with Krka is very matured and growing… the JV will further cement our relationship to enhance product portfolio and markets, Laurus Labs CEO Satyanarayana Chava said.
“We believe the joint [venture] company will have synergistic effects for both companies and would enable them to explore all opportunities, enter new markets and remain among leading suppliers of pharmaceutical products on the international market,” Krka CEO Joze Colaric said.
