New Delhi, Apr 22 (UNI) Ranbaxy Laboratories Ltd today said it has entered into a business alliance agreement and Orchid Chemicals&Pharmaceuticals Ltd to leverage respective strengths for mutually beneficial business growth.
The agreement will involve multiple geographies and therapies for both finished dosage formulations and active pharmaceutical ingredients.
Additionally, this agreement would establish a framework for enhanced future co-operation between the two companies, said a statement said.
Speaking on the development, Ranbaxy CEO&MD Malvinder Mohan Singh said, ''Orchid is a niche player in the global pharmaceutical industry with an impressive track record, particularly in sterile products. We are pleased to enter into this long term strategic alliance with Orchid. The agreement will be mutually beneficial and synergistic, allowing both organisations to leverage each others inherent strengths.'' Commenting on the alliance, Orchid Managing Director K Raghavendra Rao said, ''We are happy to join hands with Ranbaxy, India's largest pharmaceutical company. Ranbaxy's global scale and market reach and Orchid's state-of-the-art development and manufacturing capabilities would expand the business of both companies. We believe that this will be a win-win arrangement for both companies.'' UNI PBB BJR AS1355