Germany’s Bayer Pharmaceuticals Pvt. Ltd has acquired the 25% stake it didn't already own in its joint venture with Ahmedabad-based Zydus Lifesciences Ltd for Rs 282.2 crore ($33.8 million), the two companies said Thursday.
Bayer and Zydus, formerly Cadila Healthcare, formed Bayer Zydus Pharma Pvt. Ltd in 2011 as a 50:50 JV for sale and marketing of pharmaceutical products in India.
Bayer bought a 25% stake in the JV in April 2018, increasing its ownership interest to 75%. It has now taken full ownership as per pre-agreed JV terms, the companies said.
Headquartered in Mumbai, the joint venture operated across segments such as women’s healthcare, metabolic disorders, diagnostic imaging, cardiovascular diseases, anti-diabetic treatments, and oncology.
Bayer said the joint venture leveraged the strengths of both companies to better serve the fast-growing Indian market. It combined Zydus's strong Indian marketing, and wide distribution reach, with Bayer’s global expertise in commercializing novel products and bringing in innovation to India.
“As we assume full ownership of BZPPL, Bayer remains committed to ensuring its steadfast presence in India,” said Shweta Rai, managing director for India and country division head for South Asia at Bayer's Pharmaceuticals division.