Alembic Pharmaceuticals (APL) has move higher by 8% to Rs 616 on the BSE after the company announced that it has formed 60:40 joint venture (JV) with Orbicular to develop & commercialise dermatology products for global markets.
“APL has entered into joint venture agreement dated 20th April, 2016 with Orbicular Pharmaceutical Technologies Private Limited (Orbicular) and Dr M S Mohan to develop, manufacture and commercialize dermatology products for global markets,” APL said in a press release.
Orbicular has capabilities in developing dermatology products with a fully-equipped and staffed research laboratory in Hyderabad and has a pipeline of products under various stages of development. Manufacturing facility will be established in Aleor Dermaceuticals to enable worldwide registrations, it added.
At 11:27 am, the stock was up 7% at Rs 611 on the BSE as compared to 0.54% rise in S&P BSE Sensex. A combined 260,205 shares changed hands on the counter on the BSE and NSE so far.
“APL has entered into joint venture agreement dated 20th April, 2016 with Orbicular Pharmaceutical Technologies Private Limited (Orbicular) and Dr M S Mohan to develop, manufacture and commercialize dermatology products for global markets,” APL said in a press release.
Orbicular has capabilities in developing dermatology products with a fully-equipped and staffed research laboratory in Hyderabad and has a pipeline of products under various stages of development. Manufacturing facility will be established in Aleor Dermaceuticals to enable worldwide registrations, it added.
At 11:27 am, the stock was up 7% at Rs 611 on the BSE as compared to 0.54% rise in S&P BSE Sensex. A combined 260,205 shares changed hands on the counter on the BSE and NSE so far.