ACCU-BREAK Pharmaceuticals, Inc. And Strides Arcolab Limited Enter Into A Worldwide Joint Venture To Develop Generic Pharmaceuticals Using ACCU-BREAK(TM) Technologies
6/6/2006 12:38:21 PM
PLANTATION, Fla.& BANGALORE, India--(BUSINESS WIRE)--June 6, 2006--ACCU-BREAK Pharmaceuticals, Inc. and Strides Arcolab Limited, one of India's largest manufacturers and exporters of pharmaceutical products, today announced the signing of a definitive agreement to set up a worldwide Joint Venture Company (JVC) to develop generic products using the patent pending ACCU-BREAK(TM) technologies. This will be accomplished through a NEWCO to be called ACCU-STRIDES, a 50:50 JVC. It is anticipated that the JVC will outsource from Strides an exclusive product pipeline of generic and ANDA products in finished dosage forms. It is also anticipated that the JVC will outsource from ACCU-BREAK Pharmaceuticals sales, marketing and distribution capabilities for the North American markets while Strides will provide sales, marketing and distribution capabilities for the rest of the world. The product dossiers developed for the JVC by Strides will be owned exclusively by the JVC.