Aurobindo Pharma has decided to form a joint venture with Hyderabad-based Tergene Biotech, a vaccine development company, for developing pneumococcal conjugate vaccine (PCV).
“The board of directors of the company at its meeting, has approved the proposal for setting up a joint venture based in India. Tergene works on development of the pneumococcal conjugate vaccine,” Aurobindo Pharma said in a BSE filing.
Meanwhile, Aurobindo Pharma’s consolidated net profit declined 8% to Rs 384 crore in the third quarter ended December 31, 2014 compared to Rs 417 crore in the corresponding quarter of the previous financial year. Total income of the company, however, has gone up 48% to Rs 3,166 crore from Rs 2,140 crore. Commenting on the company’s performance, N Govindarajan, MD, said “We continue to grow our revenues and maintain profitability despite the absence of any exceptional upside.’’