Cadila, Bayer to extend JV partnership for three years: Statement
Cadila Healthcare and Bayer (South East Asia) have decided to extend the operations of their joint venture by three years with effect from June, the companies said in a joint statement on Monday.
The companies had entered into an agreement on January 28, 2011, to set up the joint venture Bayer Zydus Pharma for the sales and marketing of pharmaceutical products in India, with headquarters in Mumbai.
“The spirit of partnership in this joint venture has all been about channelling the core strengths of both Zydus and Bayer for the benefit of the patients,” Cadila Healthcare Managing Director Sharvil Patel said.
During the term of the joint venture, the JV firm has launched some of Bayer’s global innovative assets like Xarelto, Eylea and Visanne in India.
Going ahead, Bayer Zydus Pharma will continue to operate in core therapies, including cardiovascular diseases, diabetes, women’s health, ophthalmology and oncology, with new products in the pipeline, the companies noted.
“The JV with our trusted partner Zydus Cadila has been successful over the last decade in driving scalable reach of our health solutions to patients across the country. We endeavour to carry this momentum forward, harnessing the benefits of our partnership towards delivering innovation-led, patient-centric offerings and digital health tools in India,” Bayer Zydus Pharma Managing Director Manoj Saxena said.
Ahmedabad-based Zydus Cadila discovers, develops, manufactures, and markets a broad range of healthcare therapies. The group employs nearly 25,000 people worldwide.
Cadila Healthcare is the group’s listed entity.
Bayer, a multinational firm, employs around 1,00,000 people and has posted sales of EUR 41.4 billion in the 2020 fiscal.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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