Dr. Reddy's and Fujifilm Halt Plans for Joint Venture
The companies cancel plans to develop and manufacture generic drugs in Japan.
Fujifilm and Dr. Reddy’s Laboratories have decided to terminate a Memorandum of Understanding (MoU), signed in 2011, to enter into an exclusive partnership in the generic drugs business for the Japanese market and to establish a joint venture in Japan, the companies announced in a press release. Fujifilm realigned its long-term growth strategy for the pharmaceutical business, and both companies mutually agreed to terminate the MoU.
The two companies will continue to explore partnership and alliance opportunities in other pharmaceutical businesses such as API development and manufacturing, contract research and development and manufacturing, and the development and marketing of super-generics. Dr. Reddy's continues to be committed to a planned entry into Japan to bring affordable and innovative drugs to more patients worldwide, said GV Prasad, chairman and CEO of Dr. Reddy's, in the press release.
Fujifilm’s Pharmaceutical Products Division will focus in the long term on new drugs in cancer fields, more value-added super generics, and bio-related businesses, commented Takatoshi Ishikawa, director, corporate vice-president, and general manager of Fujifilm’s Pharmaceutical Products Division, in the press release.
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