Strides and Invent Farma Group, (including Laboratories Lesvi and Inke, a leading Spanish company), will set up a joint venture company (JVC) to develop a range of products mainly focused for hospitals in the Spain and Portugal region. The pact is a 50:50 initiative and will be known as 'Laboratorios DOMAC'.
It is expected that the JVC will outsource from Strides exclusive product pipeline of generic and specialty hospital products. The JVC will then outsource from Lesvi pharmaceuticals sales and distribution and marketing capabilities in Spain and Portugal.
The product dossiers developed for the JVC by Strides will be owned exclusively by the JVC. Growth strategies for the JVC would include both organic and inorganic strategies in Europe to expand territories and further leverage the opportunity.
Arun Kumar, vice chairman and managing director of Strides, stated, "The setting up of DOMAC is a true reflection of the 'Strides Value Partnership' model. Using our niche manufacturing and product development skill sets, Strides will ramp up the product pipeline to leverage Invent Farma's distribution and marketing skills and will work towards creating critical mass for the JVC and significant value to all stakeholders.
Jose Louis, CEO of Invent Pharma / Lesvi-Inke stated "DOMAC combines the marketing expertise of Lesvi in the Spanish and Portuguese hospital markets with an impressive portfolio of high quality products from Strides. It is positioned to become a very significant player in the market in the immediate future".
Strides is one of India's largest exporters of branded generic pharmaceutical products. It manufactures pharmaceuticals formulations in various dosage forms, including capsules, tablets, liquid injectables and is one of the world's top five manufacturers of softgel capsules. Strides also have the only globally dedicated soft gel facility for hormones.
Invent Farma ehf is a vertically integrated group of generic pharmaceutical companies with three development centres in Reykjavik, Barcelona and Mumbai and two manufacturing plants, one for API's and the other one for finished dosage forms in Barcelona, Spain. It develops, patents, registers, manufactures and markets a broad range of generic pharmaceutical products both for hospital and non hospital use, which are distributed worldwide either directly or through various partnerships.