Monday, April 11, 2011

Merck (MRK), Sun Pharma in Joint Venture Targeting Emerging Markets

Merck (NYSE:MRK) and Sun Pharmaceutical Industries Ltd. of India have announced they're entering into a joint venture for the purpose of targeting emerging markets.

Sun Pharma Chairman Dilip Shanghvi said, "This joint venture will focus on developing, manufacturing and commercializing innovative branded generic medicines."

Kevin Ali, Merck's president for emerging markets, said in the statement, "By combining forces with Sun Pharma, we are complementing our innovative product portfolio with a solid foundation for addressing the diverse needs of patients, physicians and governments across the emerging markets."

The joint venture will be managed by a joint board and leadership team which will include members of senior management from each company.

Merck was trading at $33.57, falling $0.10, or 0.30 percent, as of 1:16 PM EDT.

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