Bayer Pharmaceuticals and Zydus Lifesciences on Thursday announced the successful conclusion of their joint venture (JV)-Bayer Zydus Pharma Private Limited (BZPPL). The company is acquiring the remaining 25 percent stake in Bayer Zydus Pharma Private Ltd, for Rs. 282 crore.
According to the company’s statement, the 50:50 joint venture was established on January 28, 2011, for the sales and marketing of pharmaceutical products in India. Bayer is now securing full ownership of the entity, as per pre-agreed JV terms.
According to the company, the Joint venture successfully leveraged the strengths of both companies to better serve the fast-growing Indian market.
It combined Zydus’ strong Indian marketing, sales expertise, wide distribution reach and rich industry network, with Bayer’s global expertise in commercializing novel products and bringing in innovation to India, the company stated.
BZPPL made remarkable strides in various therapies including cardiovascular diseases, diabetes, women’s health, ophthalmology and oncology, it stated.
“Zydus Lifesciences has been a formidable partner in our joint mission towards introducing best-in-class innovative health solutions and addressing the unmet healthcare needs of patients in India. As we assume full ownership of BZPPL, Bayer remains committed to ensuring its steadfast presence in India. Building on the gains made over more than a decade, we aim to carry forward our mission of ‘Health for All, Hunger for None’,” Shweta Rai, Managing Director – India and Country Division Head – South Asia, Bayer’s Pharmaceuticals division, said.
