FUJIFILM Corporation (Head office: Tokyo, Japan) President and CEO, Shigetaka Komori ("Fujifilm" hereinafter) and Dr. Reddy's Laboratories Ltd. (Head office: Hyderabad, India) Vice-Chairman and CEO, G V Prasad ("Dr. Reddy's" hereinafter) today signed a Memorandum of Understanding (the "MoU" hereinafter) to enter into an exclusive partnership in the generic drugs business for the Japanese market and to establish a joint venture in Japan. A definitive agreement will be signed during the course of the calendar year. The new joint venture will have 51% stake owned by Fujifilm and 49% stake owned by Dr. Reddy's.
The new company will develop, manufacture and promote competitive and high quality generic drugs utilizing both Fujifilm's advanced quality control technologies it has built up through its photo film business and Dr. Reddy's expertise in cost competitive production technologies for active pharmaceutical ingredients and formulations accumulated over the years by supplying to markets globally. The joint venture intends to launch its first products in Japan in the next three to four years. The joint venture also plans to design products that fit the specific requirements of the Japanese market, aiming to deliver reliable, high quality generic drugs enabling the growth of generic drug market.
"FUJIFILM continues to build upon its ongoing commitment to delivering pharmaceutical business" said Shigetaka Komori, President and Chief Executive Officer of FUJIFILM Corporation. "With the execution of the Memorandum of Understanding with Dr. Reddy's Laboratories Ltd., FUJIFILM will have excellent capability in developing and manufacturing across active pharmaceutical ingredients (API) and formulations of generic drugs. Through Fujifilm's superior material process technology and quality control system, we aim to contribute to the adoption of high quality and affordable generic drugs in Japanese market. Fujifilm will advance its effort in the pharmaceutical business using its leading-edge, proprietary technologies to help enhance the quality of life of people worldwide."
Commenting on the partnership, GV Prasad, Vice-Chairman and CEO, Dr. Reddy's said, "We are very excited to partner with FUJIFILM Corporation, a highly reputed Japanese company and a leading global brand, to bring world-class, high quality generic drugs to the people of Japan. We are confident that Fujifilm's advanced R&D capabilities, quality systems and market know-how backed by Dr. Reddy's cost competitive, high-quality generic drug development & manufacturing and experience as a major global generics player will help the joint venture establish a strong presence in the Japanese pharmaceutical market. Our planned entry into Japan underscores our commitment to bring affordable and innovative drugs to more patients worldwide."
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