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Aurobindo Pharma firms up on Russian tie-up

Aurobindo Pharma gained 2.94% to Rs. 136.75 at 15:02 IST on BSE, after the company said it formed an equal joint venture company with the Russia-based OJSC Diod to make and sell generic drugs in Russia, Belarus and Kazakhstan.

The company made this announcement during trading hours today, 7 September 2011.

Meanwhile, the BSE Sensex was up 183.99 points, or 1.09% to 17,046.80.

On BSE, 2.34 lakh shares were traded in the counter as against an average daily volume of 1.88 lakh shares in the past one quarter.

The stock hit a high of Rs. 138.40 and a low of Rs. 132.80 so far during the day.

Aurobindo Pharma said the joint venture (JV) will be named as Aurospharma Company. The JV intends to construct a plant to manufacture non-penicillin and non-cephalosporin Rx generics and other drugs that are categorized as over the counter (OTC) products in Russia. In addition, the JV shall source Penicillins, Cephalosporins and few other therapy products manufactured by Aurobindo Pharma in India to sell in Russia, Belarus and Kazakhstan.

Aurobindo Pharma said the plant to be built in Russia will focus on production of socially significant medicinal drugs. It is expected that the construction will be completed and the plant will attain its rated capacity closer to the end of 2013, the company said in a filing with BSE.

OJSC Diod is a leading Russian healthcare goods producer. The company manufactures nutrition supplement brands as Capilar, Viardo, Iod-Active, Phase 2, etc., holding 6% of the Russian market. It also manufactures healthcare equipment, healthcare cosmetics, pharmaceuticals (Orvirem, Hypoxen), and has its own retail chain “Mir ekologii”. The company is the world's largest producer of dihydroquercetine (taxifolin).

On a consolidated basis, Aurobindo Pharma reported net loss of Rs. 122.80 crore in Q1 June 2011 compared with net profit of Rs. 51.50 crore in Q1 June 2010. Net sales rose 16.8% to Rs. 1076.87 crore in Q1 June 2011 over Q1 June 2010.

Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients.

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