Merck & Co sets up marketing JV in Brazil
Merck & Co (NYSE: MRK) says it has formed a new joint venture with Supera Farma Laboratorios, a Brazilian drugmaker co-owned by Cristalia and Eurofarma, to market, distribute and sell a portfolio of innovative pharmaceutical and branded generic products from Merck, Cristalia and Eurofarma solely in the Brazilian retail sector.
The fast-growing pharmaceutical market in Brazil is estimated by the Ministry of Health to be worth $28 billion annually, and is dominated by sales of generic medicines (The Pharma Letter October 31, 2011).
Merck, through a subsidiary, will own 51% of the JV, and Cristalia and Eurofarma will collectively hold 49%. The venture will be managed by a joint board and leadership team consisting of members of senior management from the three companies. Establishment of the JV is subject to satisfying certain agreed upon closing conditions but is scheduled to be completed later in 2012.
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