Indian drug major Alembic Pharmaceuticals Ltd Monday announced setting up a joint venture in Algeria through its subsidiary Alembic Global Holding S.A., with Adwiya Mami SARL to foray into the north African market.
"Our subsidiary will have 49 percent equity stake in the joint venture with Adwiya Mami, which has a formulation plant to produce 1.2 billion oral solids per annum," the company said in a statement here.
The joint venture will be renamed Alembic Mami SPA after completing the deal.
The company, however, did not disclose the value of the equity stake being invested in the joint venture.
"The investment in Adwiya Mami will give our subsidiary a quick entry into the attractive Algerian market," the statement said.
As a large African country, Algeria has a market size of $3 billion for drugs, with generics contributing 70 percent and innovator 30 percent.
"Algeria is an exciting market and we are pleased to partner with Adwiya Mami to create value in its market," Alembic president for international business Pranav Amin said.
A leading European pharma designed and built the Mami plant in line with the good manufacturing practices requirements.
Alembic and Mami will have equal representation on the board of the joint venture.
Taghreed Al Shunnur, a Jordanian with 20 years experience in the pharma industry, will be the joint venture's first chief executive. She will also be Alembic's nominee on the board.
