Fresenius Kabi has formed a joint venture with PT Soho Global Health, an Indonesian pharmaceutical company. Fresenius has acquired a 51% stake in PT Soho's subsidiary, PT Ethica Industri Farmasi. The joint venture will focus on intravenous generic drugs and infusion solutions.
PT Ethica Industri Farmasi was founded in 1946 and was the first Indonesian manufacturer of injectable drugs. The company has a broad portfolio and has experience in the production and marketing of generic drugs in Indonesia. The firm operates a production plant in Jakarta and achieved sales in 2012 worth over EUR 40mn.
Demand for healthcare in Indonesia has grown in recent years and is expected to increase further as a result of the implementation of a universal healthcare programme, expected to commence in 2014. As a result, almost the entire population of the country is expected to have access to healthcare by 2019. Fresenius Kabi noted that the joint venture would thus provide an attractive platform for the company's future growth in Indonesia.
The purchase price of Fresenius Kabi's stake has not been disclosed. The transaction is expected to close in Q313.