Beximco Pharma Share News (BXP)

(ShareCast News) - Generic pharmaceutical products manufacturer Beximco Pharmaceuticals announced the creation of a joint venture with BioCare Manufacturing, based in Malaysia, as the company's first overseas manufacturing collaboration on Wednesday.The AIM-traded firm said that under the terms of the venture, Beximco Pharma will provide full technical support to BioCare for the establishment of manufacturing facilities in Seri Iskandar Pharmaceutical Park, Perak, Malaysia to produce specialised pharmaceutical products.Beximco will be issued 30% of the equity shares in the JV company, while BioCare will operate and fund the facility.In the first phase of the project, an international standard metered dose inhaler facility has been created, the board said, which has already received good manufacturing practices approval from Ministry of Health, Malaysia.Whilst it is expected that the JV's first sales from this facility will be made during 2017, the company said it does not expect a significant contribution to its profits from the collaboration in the short term.However, it added the JV is an "important testimony" to the company's technical capability as a generic drug manufacturer.The venture is intended to manufacture and supply differentiated medical products, such as inhalers, under the Malaysian government's Economic Transformation Program.Beximco said the Malaysian government's initiatives are aimed at increasing investment in the country's pharmaceutical industry to provide dedicated drug manufacturing facilities, improve generic drug capabilities, and promote local production to qualify for government procurement."This is our first overseas manufacturing collaboration and I believe our JV with BioCare will help address the unmet needs of patients and physicians by supporting the Malaysian government's initiative to promote the local pharmaceutical industry," said Beximco managing director Nazmul Hassan."This kind of collaboration is also in line with our aspiration to continue to strengthen our global presence as a generic pharmaceutical company."