Monday, January 2 2006 15:06 Hrs (IST) - World Time -

Jerusalem: An Israeli drug firm is joining hands with an Indian pharmaceuticals company to jointly develop drugs for the US and international markets.

Nasdaq listed Israeli company Taro Pharmaceutical Industries' Chief Executive Shmuel Rosenstein defined the agreement with India's Alkem Laboratories 'a strategic arrangement' that would give Taro a competitive advantage in products for the US and world markets, daily Ha'aretz reported.

The announcement came a day after leading Israeli company, Teva Pharmaceuticals, said it is opening a major research and development center in Noida.

The center is expected to eventually have about 60 scientists and will focus on biotechnology, an area in which Teva has been aiming to expand.