Baku, Azerbaijan, Apr. 21
By Farhad Daneshvar - Trend:
Iran's Darou Pakhsh Holding Company has finalized a deal with the Azerbaijan Investment Company to create a pharmaceutical joint venture in Azerbaijan's Sumgait, Kambiz Amjadi, head of the Iranian company, told Trend Apr. 21.
Darou Pakhsh is the largest pharmaceutical company in Iran and the region.
The company inked an MOU with the Sumgait Industrial Park, the Azerbaijan Investment Company and Azersun Holding on April 21 in Baku.
According to Amjadi, 49 percent of the shares in the pharmaceutical company belong to Iran, and 51 percent belong to Azerbaijan.
He said the 51 percent stake of the Azerbaijani side will be divided into two parts - 25 percent will go to the Azerbaijan Investment Company and 26 percent to Azersun Holding.
More than $30 million will be invested in the medicine production project, added Amjadi.
Amjadi said the project is aimed at producing more than 90 types of medicines in Azerbaijan.
He predicted that the factory will be launched within the next two years.
The factory is expected to produce dozens of essential drugs for treatment of heart diseases, contagious diseases, non-communicable diseases, as well as various types of antibiotics and painkillers.
Earlier, Mehdi Mohtashami, head of the secretariat of the Azerbaijan-Iran Intergovernmental Commission on Trade, Economic and Humanitarian Cooperation, told Trend that Iran is interested in opening a plant of Darou Pakhsh in the Sumgait Chemical Industrial Park for producing medicines.
"That plant can meet the demand in medicines in [Azerbaijan's] domestic market," he said, adding that it will be possible to export the plant's products to other countries as well.