Caplin Point forms JV with Jointown

Caplin Point Laboratories and China-based Hainan Jointown Pharm signed a joint venture agreement to establish a company named Hainan Jointown Caplinpoint Pharmaceutical Company Limited.

Caplin Point plans to hold 39 per cent stake in the JV with an initial equity of US$ 2 million. The JV will focus on manufacturing and trading various pharma products in China, India and South America. Earlier, the company had signed a co-operation agreement with Jointown. Beside this venture, Caplin Points has exclusive partnership with other China-based manufacturers for formulations including cephalosporin and penicillin.

Jointown is a public-trading company valued at US$ 11 billion. It is the fourth largest pharma distribution company in China. The company manufactures and distributes pharmaceutical products, Chinese medicines and medical equipments. It also manages logistics hubs, ecommerce and retail chains in China.

Meanwhile, the stock of Caplin Point was quoting Rs. 513.00 per share, up by 1.28 per cent at 14:25 hours. The stock opened at Rs. 516.15 per share and touched a high/low of Rs. 523.95/ 504.95 per share on Friday. The benchmark of BSE Sensex was at 38,027.27, up by 309.31 points or 0.82 per cent.