Dr Reddy's Laboratories signs MoU with Fujifilm for JV

HYDERABAD: The city-based pharma major Dr Reddy's Laboratories, has announced its partenership with Tokyo-based Fujifilm Corporation so as to form a joint venture in Japan.

In the proposed joint venture, the companies will collaborate to develop, manufacture and promote generic drugs in Japan.

As per plans, a definitive agreement would be inked between the companies during the course of the calendar year. Fujifilm would own majority stake of 51 per cent in the JV, while Dr Reddy's would have 49 per cent stake in the company.

Mr Shigetaka Komori, President and Chief Executive Officer, Fujifilm Corporation, said, “With the execution of the MoU with Dr Reddy's Laboratories Ltd, Fujifilm will have excellent capability in developing and manufacturing across active pharmaceutical ingredients (API) and formulations of generic drugs.”

According to market research firm IMS, Japan is the world's second largest pharmaceutical market with an estimated value of $97 billion.