Claris Lifesciences, the Ahmedabad-based pharmaceutical company, has signed agreements with Japan’s Otsuka Pharmaceutical Factory Inc. (OPF) and Mitsui & Co. Ltd. to form a joint venture for its infusion business in India and in emerging markets.

A statement from Claris said the business was valued at Rs.1,313 crore, and it would receive a cash payment of Rs.1,050 crore as part of the agreement for the 80 per cent stake of Otsuka and Mitsui combine in the new joint venture.

Otsuka will hold 60 per cent while Claris and Mitsui will hold 20 per cent each in the equity of the joint venture called Claris-Otsuka while Arjun Handa, Claris’ Managing Director, will be the chairman of Claris-Otsuka.

Claris will transfer to the joint venture its common solutions, anti-infectives, plasma volume expanders and parenteral nutrition therapies, for India and emerging markets. It will also transfer two of its five plants to the new venture, the statement said.

Claris said that it would remain focussed on its speciality generic injectibles business and shall intensify its growth in all international markets, especially the regulated markets of the U.S. and EU via new product launches. The company said it would work on fast track growth opportunities via organic and inorganic routes. “The infusions business is growing very well in India and the emerging markets, this business needs a broad product portfolio and a commitment towards long-term capital investments in addition to technical and global expertise, which are clearly achieved by Otsuka and Mitsui’s entry,” Arjun Handa, MD & CEO, Claris said in a statement. “This partnership enables Claris to focus and intensify its efforts to build out its specialty injectables business globally. Globally, injectable products are in shortage as pure-play injectables companies are a rarity,” Mr. Handa said.

Claris shares fell 3.75 per cent to close at Rs.264.55 on the BSE on Friday.