statesman news service
KOLKATA, 3 JUNE: Drug major Dr Reddy’s Laboratories Ltd and Fujifilm Corporation have decided to terminate the memorandum of understanding to enter into an exclusive partnership in the generic drugs business for the Japanese market and to establish a joint venture in Japan.
The development follows Fujifilm’s realignment of long-term growth strategy for the pharmaceutical business, which led to a mutual agreement to terminate the MoU, Dr Reddy’s said in a statement. It, however, added the company’s plan to enter the Japanese market remains intact.
"Unfortunately, we will not be able to partner with Fujifilm, specifically for generic formulations business in Japan. However, I want to reinforce our commitment towards a planned entry into Japan to bring affordable and innovative drugs to more patients worldwide," Dr Reddy’s chairman and chief executive officer Mr GV Prasad said.
The two companies, however, will continue to explore partnership/alliance opportunities in other pharmaceutical businesses such as API (active pharmaceutical ingredient) development and manufacturing, contract research and development and manufacturing, and the development and marketing of super-generics, the statement said. The two companies signed the MoU on 28 July 2011. Based on the understanding, they had conducted detailed studies on the establishment of a joint venture for developing and manufacturing generic drugs in Japan.
Mr Takatoshi Ishikawa, director corporate vice-president and general manager of pharmaceutical products division, Fujifilm, said: "In the long-term, we will be focusing more on priority fields such as new drugs in cancer field, more value-added super generic and bio-related business by using our core technologies."