Orchid exits API jv in China

Orchid Chemicals & Pharmaceuticals (Chennai, India), a leading Indian pharmaceutical company, says it is exiting its 50-50 active pharmaceutical ingredient (API) manufacturing joint venture in China with North China Pharmaceutical Corp. (NCPC; Shijiazhuang, China), NCPC-Orchid Pharmaceuticals (Shijiazhuang). Orchid’s 50% stake in the jv will be transferred to NCPC for a total cash consideration of $13.9 million, Orchid says. Orchid and NCPC formed the jv in 2002 to establish a cephalosporin API manufacturing facility at Shijiazhuang. “With...

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