 "Japan's Otsuka Pharmaceutical buys out Claris' 20% stake in JV for $ 20 mn")
Ahmedabad-based Claris Lifesciences has entered into a definitive agreement to sell its 20 percent stake in Otsuka Pharmaceutical India Pvt Ltd (formerly known as Claris Otsuka Pvt Ltd) to its joint venture partner, Otsuka Pharmaceutical Factory Inc (OPF) of Japan, for a total consideration of $ 20 million (about Rs 129 crore).
In July 2013, Claris Lifesciences had transferred its infusion business in India and emerging markets to the joint venture, Claris Otsuka. As per the terms of agreement, Claris held 20 percent stake in the joint venture, while Otsuka Pharmaceutical and Mitsui & Co Ltd owned 60 percent and 20 percent stake respectively. As part of the deal, two of the five plants of Claris were transferred to joint venture firm.
Claris Otsuka Private Limited was rechristened as Otsuka Pharmaceutical India Private Limited (OPI) on March 1, 2017.
“With this increase in the shareholdings of Otsuka Pharmaceutical India, OPF will be able to maximise the utilisation of the technology of basic IV solution and clinical nutrition that it has acquired throughout the years in Japan, and will strengthen its business in India, a country in which significant economic growth and increasingly sophisticated healthcare system are expected. Going forward, under Otsuka Group’s corporate philosophy, ‘Otsuka-people creating new products for better health worldwide’, OPF with its partner Mitsui will contribute to the betterment of health of the people of India,” said OPF in a statement.
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