Aurobindo Pharma has signed a JV agreement with Russia’s Diod for setting up a manufaturing plant in Russia by 2013.
The company has formed an equal JV with Diod to make and sell generic drugs and over-the-counter products in Russia, Belarus and Kazakhstan. The JV will also source penicillin, cephalosporin and few other therapy products manufactured by Aurobindo Pharma in India and sell them in the Russia. Under the agreement, Diod will transfer its entire holding in a Russian drugmaker CJSC Olifen to the new JV firm.