Ahmedabad-based Claris Lifesciences has signed deals with Japan's Otsuka Pharmaceutical Factory Inc and Mitsui & Co Ltd to set up a joint venture (JV) for its infusion drugs business in emerging markets, including India.

In the JV, which will be called Claris-Otsuka, Claris, Otsuka and Mitsui will own 20 per cent, 60 per cent and 20 per cent stake, respectively.

One can also say that the Ahmedabad-based pharmaceuticals giant will sell 80 per cent of its stake in its existing infusions business to Otsuka and Mitsui.

In return, Claris will receive Rs 1,050 crore from the two Japanese pharmaceutical companies.

Commenting on the deals, Claris MD & CEO Arjun Handa said, "It needs a broad product portfolio, long-term investments and technical and global expertise which will be achieved by the entry of Otsuka and Mitsui."

Currently, Claris' intravenous solutions business accounts for nearly 55 per cent of the company's Rs 740 crore turnover.

To create the JV, Claris will transfer its infusion business to a wholly-owned subsidiary via slump sale route. The subsidiary will then be transformed into Claris-Otsuka JV. Claris will also move two of its five manufacturing facilities to the JV, which will produce nutrition therapies, anti-infectives, plasma products and common solutions.