Shasun Pharma, SeQuent in animal health products JV
SeQuent Scientific will hold 73 percent in the joint venture, while Shasun will own the remaining 27 percent and both will contribute by way of transfer of identified assets, contracts and licenses.
July 15, 2013 / 09:11 IST
Moneycontrol Bureau
Drug makers Shasun Pharmaceuticals and SeQuent Scientific on Saturday said they have signed a letter of intent to form a joint venture company to develop, manufacture and sell veterinary products inclusive of both active pharmaceutical ingredients (API) and formulations in the global market.Together the two companies plan to quickly and effectively offer a range of animal health products globally through the JV, they said.SeQuent will hold 73 percent of the JV and Shasun will own the remaining 27 percent."In terms of the arrangements proposed in the LOI, SeQuent and Shasun will set up a JVC, into which, contributions will be made by both companies, by way of transfer of identified assets, contracts and licenses," the two companies said.The combination with Shasun will deliver synergies and technical arbitrage enabling the venture to become a leading global provider of animal health solutions, said Dr Gautam Kumar Das, Joint MD, SeQuent.Shasun Pharma shares closed at Rs 74.80 on NSE, down 5.2 percent on Friday. The BSE listed SeQuent Scientific closed up near 3 percent at Rs 126.95. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
