In
a first of its kind venture, a wholly owned subsidiary of US based
pharmaceutical company, Merck & Co., Inc. and The Wellcome Trust, a
UK based charity, involved in biomedical research and improvement of
global public health, have joined hands together to form a business
venture in India, albeit with a ‘not-for-profit’ mission. The unique
combination of a pharmaceutical company and a charity coming
together to form an Indian entity will specifically aim at research
and development of vaccines for distribution in developing countries
at affordable prices, thereby striving to improve health in low
income countries. The Merck subsidiary and The Wellcome Trust will
gradually invest a sum of 45 million Pounds each (approx USD 74
million each) over a period of the next seven years in the Indian JV
entity, thereby acquiring a stake of 50% each in the entity.
We, at
Nishith Desai Associates, acted as legal counsel to Merck & Co.,
Inc. Our role involved
advice on the kind of entity structure, assistance in setting up
operations in India and documentation for the joint venture.
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