The Hyderabad-based Matrix Laboratories and Aspen Pharmacare Holdings, South Africa, have executed definitive agreements for a long-term business relationship between the two companies.
Both the companies have agreed to have equal stake in an Indian joint venture company - Astrix Laboratories. Besides, Matrix will pick up a 50 per cent stake in Fine Chemical Corporation, South Africa, which is 100 per cent owned by Aspen.
As per the agreements, Matrix will transfer one of its active pharmaceutical ingredients manufacturing facilities, technology and intellectual property related to the manufacture of certain APIs to Astrix for a total consideration of $36 million.
Matrix will receive this amount on January 1, 2006, the closing date of the transaction. Aspen will pick up a 50 per cent stake in Astrix for a consideration of $36.5 million.
The aforesaid facility, located near Hyderabad, has been approved by the US FDA and the World Health Organisation, a company statement said.
Astrix will be the lead supplier of anti-retroviral APIs to Aspen. Astrix will have the technology and expertise to manufacture multiple synthesis complex ARV APIs, and these will be further finished into dosage forms in the facilities of Aspen in South Africa.
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