Strides, Invent Farma form a JVC for Spain & Portugal

Mumbai, January 30, 2007: Strides Arcolab and Invent Farma Group, which includes Laboratorios Lesvi and Inke, a leading Spanish company, announced to set up a JVC to develop a range of products mainly focused for hospitals in the Spain and Portugal region.

This will be accomplished through a new 50:50 joint venture company (JVC) called Laboratorios DOMAC. It is expected that the JVC will outsource from Strides exclusive product pipeline of generic and specialty hospital products. The JVC will then outsource from Lesvi pharmaceuticals sales and distribution and marketing capabilities in Spain and Portugal.

The product dossiers developed for the JVC by Strides will be owned exclusively by the JVC. Growth strategies for the JVC would include both organic and inorganic strategies in Europe to expand territories and further leverage the opportunity.

Arun Kumar, Vice Chairman and Managing Director of Strides stated, "The setting up of DOMAC is a true reflection of the 'Strides Value Partnership' model. Using our niche manufacturing and product development skill sets, Strides will ramp up the product pipeline to leverage Invent Farma's distribution and marketing skills and will work towards creating critical mass for the JVC and significant value to all stake holders.

Jose Louis, CEO of Invent Pharma / Lesvi-Inke stated "DOMAC combines the marketing expertise of Lesvi in the Spanish and Portuguese hospital markets with an impressive portfolio of high quality products from Strides. It is positioned to become a very significant player in the market in the immediate future".

About Strides Arcolab

Strides is one of India's largest exporters of branded generic pharmaceutical products. Strides manufactures pharmaceuticals formulations in various dosage forms, including capsules, tablets, liquid injectables and is one of the world's top five manufacturers of softgel capsules. Strides also has the only globally dedicated soft gel facility for hormones. In addition, Strides undertakes contract research and the manufacturing of specialty chemicals for various multinational companies. Strides has a major presence in various developing countries such as Africa, Latin America and Asia as well as in developed markets such as the US, Canada and part of Europe. Strides is one of the largest Indian suppliers of institutionally funded aid projects and is an approved supplier to the World Bank, the African Development Bank and UNICEF, amongst others.

Strides has 14 manufacturing plants spread across the US, Brazil, Mexico, Italy, Poland, Singapore and India. This broad manufacturing network facilities partnering with global organizations ranging from UNICEF and WHO-Global Drug Facility to European and American pharmaceutical multinationals and also private labelers and distribution chains. Strides has product registrations in over 37 countries around the world and has earned ISO 9001, ISO 14001 and GMP accreditations including USFDA. Strides employs approximately 1,700 people across the globe. Strides also have a marketing presence in over 50 countries. nal information is available at the Company's website at www.stridesarco.com.

About Invent Farma

Invent Farma ehf. is a vertically integrated group of generic pharmaceutical companies with three development centres in Reykjavik, Barcelona and Mumbai and two manufacturing plants, one for API's and another one for finished dosage forms in Barcelona, Spain. It develops, patents, registers, manufactures and markets a broad range of generic pharmaceutical products both for hospital and non hospital use which are distributed worldwide either directly or through various partnerships.