Neuland Labs in deal with Mitsubishi unit to strengthen Japanese position

Indian active pharmaceutical ingredients maker Neuland Laboratories (BO:524558) has announced a manufacturing collaboration with Tokyo, Japan-based API Corp (APIC), a health care unit of Mitsubishi Chemical that produces APIs, intermediates and investigational new drugs, along with fine chemicals and reagents.

Under the terms of the agreement, APIC is making an investment in Neuland's facilities that will provide APIC with dedicated capacity for meeting the needs of its customers. The facilities will be operated by Neuland employees and the two companies will share oversight and management responsibilities.

"This agreement between Neuland and APIC is an outstanding example of a win-win collaboration between companies that share many values and are complementary in terms of capabilities and markets served," said DR Rao, chairman and managing director of Neuland Labs, adding: "We have recently been strengthening our presence in the Japanese market, while APIC was seeking an Indian partner to better serve customers. This alliance will allow us to raise our profile in Japan while enabling our partner APIC to grow their business in a cost-effective way."