INVIDA ANNOUNCES JOINT VENTURE WITH INDONESIAN PHARMACEUTICAL MANUFACTURER
Partnership with P.T. MUGI Laboratories to Support South-East Asian Capabilities
Singapore - May 20, 2010 - Invida Group, the leading specialty biopharmaceutical company focused on the commercialization of healthcare products throughout Asia Pacific, today announced that it has completed a joint venture agreement with the Indonesian pharmaceutical manufacturer MUGI. The acquisition of MUGI will allow Invida to leverage its full suite of capabilities throughout Indonesia and open up the Indonesian market for Invida's partners, as well as allowing Invida to offer a range of partnering options unique on this scale in Indonesia.
Local regulations require foreign pharmaceutical entities to operate a local manufacturing facility in order to register their products in the country. With this agreement, Invida will be able to expand its capabilities in Indonesia to include the importation of raw materials and auxiliaries, possession of any and all regulatory licenses for pharmaceutical products, arrangement of toll manufacturing support where needed, in addition to continuing to provide its marketing expertise throughout the archipelago.
John A. Graham, Chief Executive Officer of Invida Group, said, "Indonesia is a key strategic market and an important growth opportunity for Invida. We continue to work on positioning ourselves as a preferred partner offering full market access, regulatory and commercialization capabilities. Our current sales force in this market has given us a foothold that is unmatched by our international peers, and the ability to offer Invida's full range of capabilities in Indonesia will be a tremendous benefit to our partners. This will ensure that our partner's brands can rapidly reach the market and in turn, be accessible to doctors and patients throughout Indonesia. With the acquisition of MUGI, Invida also further cements its role as a single point of entry for those companies looking for a strategic partner to access Asia Pacific markets."
MUGI's manufacturing plant currently produces a variety of pharmaceutical products and has offerings in dermatology, consumer health and primary care, which are well aligned with Invida's strategy and current capabilities. Under the terms of the agreement, Invida has acquired a 70% stake in the company with MUGI's owners retaining the remaining stake through its investment vehicle. Through Invida's leadership, the plant will undergo a major upgrade to ensure that it is able to meet all regulatory compliance requirements and the demands of its international partners.
The agreement is mutually beneficial to both parties and enables MUGI to grow its business and leverage Invida's wide resources and sales force throughout Indonesia. The agreement will allow Invida's partners to gain fully authorized, unfettered access to the Indonesian pharmaceutical market and to rely on a regional partner who will uphold international standards in manufacturing, licensing, and marketing practices.
About Invida Group Pte Ltd
Invida improves the lives of patients in Asia by commercializing differentiated pharmaceutical products of superior quality - the result of which will allow all our stakeholders to prosper. We do this through our proven brand marketing and sales know-how, strong expertise across a number of key therapeutic categories and deep experience in all critical Asian markets. Comprehensive functional capabilities provide rapid market access delivered by our passionate team of professionals.
With more than 4,000 employees in 13 markets in Asia Pacific, Invida operates across the commercial value chain from regulatory approval and product launch to lifecycle management. We manage a portfolio of proprietary healthcare brands as well as licensed products from small biotech firms and large multinational companies. Partnering is a critical component of Invida's business model. We collaborate closely with our partners in developing effective strategies and put our extensive experience behind maximizing the potential of the assets entrusted to us.