Shasun Pharma, SeQuent Scientific in pact to form JV

NEW DELHI: Drug firms SeQuent Scientific and Shasun Pharmaceuticals today said they have signed a letter of intent to form a joint venture company to manufacture, develop and sell veterinary products.

The products will include both active pharmaceutical ingredients (APIs) and formulations will be sold globally, both companies said in a joint statement.

As per the letter of intent (LoI), SeQuent will own 73 per cent of the joint venture company ( JVC) while Shasun will own the remaining 27 per cent ownership, it added.

"In the JVC, contributions will be made by both companies by way of transfer of identified assets, contracts and licenses," the statement said.

Commenting on the development, SeQuent Managing Director Gautam Kumar Das said: "The combination with Shasun will deliver synergies and technical arbitrage enabling the JVC to emerge as a leading global provider of animal health solutions."

Shasun is an integrated, leading global supplier of development and manufacturing services for intermediates, API (Active Pharmaceutical Ingredients) and Formulations to the Pharmaceutical Industry.

Sequent is amongst India's largest Custom Research and Manufacturing Services (CRAMS) providers.