India's Cadila Healthcare said it has bought out the shares of Bharat Serums and Vaccines to gain total control of their 10-year-old joint venture, Zydus BSV Pharma, and make it a wholly owned subsidiary.
The JV was formed in 2005 to produce, develop and market new drug-delivery systems of cancer treatments as well as provide contract manufacturing services in the oncology area.
The amount of the buyout was not disclosed. Cadila, a unit of Zydus Cadila, and Bharat each had a 50% stake in the JV, considered one of India's top 10 biotechs.
Zydus BSV recently launched a biosimilar in India of AbbVie's ($ABBV) Humira (adalimumab) for treating autoimmune disorders.
- here are stories from VC Circle and NDTV