Shasun inks pact with SeQuent Scientific to form joint venture

NEW DELHI: Shasun Pharmaceuticals today inked an deal with SeQuent Scientific to form a joint venture firm to develop and sell veterinary products in global markets.

The company has signed the joint venture agreement with SeQuent to develop, manufacture and sell veterinary products including both API (active pharmaceutical ingredients) and formulations to cater to the global market, Shasun Pharmaceuticals said in a filing to the BSE.

Last year, the companies had inked a Letter of Intent ( LOI) to form the joint venture firm.

"In line with the joint venture agreement, company has also executed today a slump sale agreement, transferring its Vizag facility to JV Company," Shasun said.

SeQuent and Shasun will hold 73 per cent and 27 per cent stakes respectively in the JV firm, which is expected to be operational in the first quarter of 2014-15, it added.

Shasun shares were trading at Rs 76.25 apiece on the BSE in the afternoon trade, down 1.49 per cent from its previous close.