Cheminnova in JV with Aussie firm

Hyderabad-based pharmaceutical contract manufacturer Cheminnova Remedies on Tuesday entered into an equity-based joint venture (JV) with Brisbane-based nutraceutical company Rapid Nutrition Limited (RNL).

Cheminnova managing director Vasudeva Rao said the JV would result in acquisition of 74 per cent stake in Cheminnova by Rapid Nutrition in the next 18 to 24 months. However, the financial details were not disclosed.

Addressing the media here, Rao said the JV would facilitate in four areas — research, product development, manufacturing and marketing. It would also facilitate expansion of its business verticals, technology development and intellectual property rights to Cheminnova brands of Rapid Nutrition.

 

“This will be a significant step for Cheminnova to foray into international markets not only as a contract manufacturer but also as a product development company,” Rao added.

Simon St Ledger, managing director, Rapid Nutrition, said, “RNL will have the advantage of accessing the manufacturing facilities of Cheminnova.” It has presence in Australia, US, European Union and West Asia.

The $20-million Cheminnova has three production facilities spread across Andhra Pradesh and Himachal Pradesh.