Shares of Alembic Pharmaceuticals rose 3 percent in the early trade on Wednesday after company entered into JV agreement with Chinese firms.
The company has entered into a joint venture agreement with SPH SINE Pharmaceutical Laboratories Co Ltd, China & Adia (Shanghai) Pharma Co Ltd, China to promote and sell pharmaceutical products for the Chinese market, as per company's BSE filing.
Initially this JV will commercialize products manufactured by Alembic Pharmaceuticals and subsequently the JV plans to set up a manufacturing facility in China, it added.
The JV will commercialize products in the Chinese market which has an increasing demand for generic drugs. It will initially launch with a portfolio of oral solids and is expected to widen to other areas like injectable, ophthalmology, dermatology & oncology which are being currently developed and manufactured by Alembic.
SPH Sine, Alembic & Adia shall hold 51 percent, 44 percent & 5 percent equity respectively in the joint venture.
The company is going to announce its Q4FY19 results on May 8. According to Motilal Oswal, the company is likely to report 2.6 percent fall in its Q4 net profit at Rs 91.3 crore, while sales are expected to go up by 10.8 percent at Rs 945.2 crore.
At 09:22 hrs Alembic Pharmaceuticals was quoting at Rs 561.20, up Rs 10.10, or 1.83 percent on the BSE.
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