Lilly forms Algerian JV

Eli Lilly is to set up a joint venture with Algeria's state-ownedpharmaceutical firm Saidal which will produce antibiotics, according to the country's APS news agency. The JV, to be based in Medea, will produce at least 200,000 units of antibiotics per year when it comes on stream in 2001. No financial details were disclosed, though Saidal says it is to make an initial public offering this month of 2 million shares at 800 dinars ($13.30) each to help finance its stake in the Lilly JV, as well as its other partnerships with firms such as Pfizer and Rhone-Poulenc.