Drugmaker Laurus Labs and Slovenia-headquartered generic pharmaceutical firm Krka have decided to set up a joint venture (JV) company in Hyderabad to produce finished products for new markets, which includes India.

Krka will hold a 51 percent stake and Laurus 49 percent in the JV, whose registered capital will be equivalent to 50 million euros. Necessary procedures and documentation for registration of the company will be finalised by March 2024.

The JV company will strategise a plan to make an entry into the Indian market and other markets outside the European Union where neither party has any presence in the finished products segment. The JV would help enhance product portfolio and markets.

Krka and Laurus' businesses complement each other, and the JV company will unlock synergistic effects for both companies in terms of exploring opportunities, entering new markets and continuing as suppliers of pharmaceutical products on the international market.