Sun Pharma in big Merck deal, stock up | business | Hindustan Times
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Sun Pharma in big Merck deal, stock up

business Updated: Apr 11, 2011 22:50 IST
HT Correspondent

Pharma majors Sun Pharma and Merck on Monday announced they are entering into an equal joint venture to develop, manufacture and market “innovative branded generics” in the emerging markets from Asia Pacific to Latin America.

Markets cheered the deal as the share price of the company rose by 2% to close Monday at R450 on Bombay Stock Exchange, even as the premier index Sensex fell by 188.9 points.

“The Indian major will bring rapid innovative product development with world class manufacturing network and access to research and development while the American partner brings clinical and registration expertise along with broad, geographic commercial footprint,” said Dilip Shanghvi, chairman and managing director, Sun Pharma.

“We are working on the financial details, like investments, equity infusion and revenue sharing,” said Kevin Ali, president (emerging markets) Merck.