Two Indian pharma majors have entered into an agreement “to leverage the inherent strengths of each other”, it was announced on Tuesday.

The Gurgaon-based Ranbaxy Laboratories and Chennai’s Orchid Chemicals and Pharmaceuticals are to establish a framework for enhanced cooperation, according to information filed with the Bombay Stock Exchange (BSE).

Malvinder Mohan Singh, CEO and managing director of Ranbaxy, said: “We have entered into a long-term strategic alliance. It will be mutually beneficial, allowing both organisations to leverage the inherent strengths of each other.”

Added Orchid managing director K. Raghavendra Rao: “Ranbaxy’s global market reach along with Orchid’s state-of-the-art development and manufacturing capabilities would help expand the business of the allied firms.”

Meanwhile, Ranbaxy came up with a dismal quarterly results Tuesday, posting a net profit of Rs.103.42 crore against Rs.115.28 crore in the previous corresponding quarter, down 10.3 percent.

The company’s net sale during the period stood at Rs.987.28 crore compared to Rs.988.17 crore.

On the BSE, Ranbaxy’s stocks got a hit and traded at Rs.486.10, down 2.58 percent, whereas that of Orchid was up at Rs.255.15, up 2.31 percent

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