Life sciences and bionutrition major Avesthagen has floated a 50:50 joint venture with Pune-based Sava Medica Ltd, called Dhanvantari Botanicals, to market a range of nutraceuticals in the US, Russia, Brazil and South Africa, besides India.
Dhanvantari Botanical will produce over-the-counter products such as AmlaPure, Ashwagandha, BosWell, Gymnema, ThinkWell, Tribulus, Triphala, TriplaLax, WinterWell, XanoMax, and GojiMax as also some bulk ingredients for the wellness and nutraceutical markets.
The joint venture agreement also grants Sava Medica marketing rights to Avesthagen's seven over-the-counter (OTC)-formulated tablet, including fast-dissolving tablets, capsule and liquid forms of medicines.
"The company so far has achieved convergence between food, pharma and population genetics. This transaction is part of our strategy to bring proprietary products, diagnostics, functional foods, and biological therapeutics focusing on metabolic disorders, cancer and neuro-degenerative disorders to consumers through partnerships," Dr Viloo Morawala-Patell, founder and CMD of Avesthagen Ltd, said.
Avesthagen will be entitled to upfront payments and a 15 per cent royalty on product net sales in the US and BRIS countries.
The joint venture aims to tap the huge potential for wellness and neutraceutical product marketing in the three emerging major economies as also the US.