Cadila Healthcare extends JV agreement with Bayer PTE for 3 years
Cadila Healthcare Limited as a joint venture partner has signed an agreement to extend the tenure of the joint venture agreement (JVA) with Bayer (Southeast Asia) PTE Limited, one of the companies of Bayer Group, for a period of three years.
JV Partners had entered into an agreement dated January 28, 2011; pursuant to which, the JV Partners formed a joint venture company. The purpose of entering into the JVA is for carrying on the business of marketing pharmaceutical products.
During the term of the joint venture over last 10 years, the company launched some of Bayer’s global innovative assets like Xarelto, EyleaTM and Visanne in India. 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. Key products in the company’s pharmaceutical portfolio include Xarelto, Glucobay, EyleaTM, Yaz, Mirena and Visanne amongst others.
The date of execution of the agreement is June 21, 2021 while the amendment is to extend the term of the JVA for a period of three years till May 1, 2024. The company believes that the extension of the JVA would be beneficial, considering the prospects of the growth of the JV over the next three years.
In this JV, Cadila Healthcare holds a 24.9 per cent stake while Bayer (Southeast Asia) PTE holds the remaining 75.01 per cent.
On Monday at 12.28 am, the stock of Cadila Healthcare was trading up by 1.42 per cent at Rs 629 from its previous close of Rs 620.20 on BSE.