Claris transfers infusions business to JV with Japanese cos for Rs1,050 crore

Ahmedabad-based sterile injectibles-maker Claris Lifesciences has entered into a joint venture with Otsuka Pharmaceutical Factory (OPF) and Mitsui & Co Ltd, both of Japan, through sale of a majority stake in some of its businesses.

Claris said it has executed multiple agreements with the two Japanese companies for its infusion products business in India and the emerging markets.

Under the agreement, Claris will transfer two out of its five plants to a joint venture to be called Claris-Otsuka.

The business is valued at Rs1,313 crore and Claris will get Rs1,050 crore over the various agreements.

The deal, however, is subject to shareholders' approval, the company said in a release. It may also need regulatory clearances.

The joint venture will include common solutions, anti-infectives, plasma volume expanders and parenteral nutrition therapies. Claris will transfer these businesses to Claris-Otuska with Claris holding 20 per cent share and Otuska a majority 60 per cent stake and the remaining 20 per cent being held by Mitsui.