Spain's Faes Farma is looking to expand in Latin America by setting up a joint venture with Mexico's Laboratorios Senosiain.

The 50:50 JV will be called MIT Farma and is an extension of the companies' 15-year relationship which has seen Senosiain sell the Bilbao-based firm's vasoproective product hidrosmine.

Faes says "we are convinced that Senosiain "is the best possible partner", in Mexico where it is the leading domestic pharmaceutical company and the fifth biggest drugmaker, including multinationals.

MIT Farma will market a second brand for Mexico of Faes' antihistamine bilastine (in addition to the one already sold by Pfizer) and other products in the Spanish firm's portfolio. Faes goes on to claim that Mexico, with a population of over 110 million, has a pharmaceutical market value equivalent to 75% of the Spanish one at present, "with the difference being that the Mexican market is clearly growing".

Faes concludes by saying that setting up the JV represents "a decisive step in its strategy to achieve a solid regional presence throughout all Latin America".