NEW YORK (AP) -- Merck & Co. and Sun Pharmaceutical Industries Ltd. said Monday they forming a joint venture to develop and sell new combinations and versions of branded generic drugs in emerging pharmaceutical markets.
Merck, which is based in Whitehouse Station, N.J., is one of the world's largest drug companies. Sun is a generic drugmaker based in India. The companies did not disclose financial terms of the joint venture. The companies said about 90 percent of the growth in worldwide pharmaceutical sales over the next decade will come from emerging markets, and most of that growth will come from sales of brand-name generics.
The joint venture will be managed by a joint board and leadership team with senior management from Merck and Sun, the companies said.
Shares of Merck fell 2 cents to $33.65 in midday trading.