Aurobindo Pharma Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 04, 2015, inter alia, has approved the proposal for setting up a Joint Venture (JV) with Tergene Biotech Private Limited, a vaccine development company based in India. Tergene works on development of the Pneumococcal Conjugate Vaccine (PCV) through use of cutting edge vaccine technology compressing time and cost, thereby making such vaccine available at an affordable cost, PCV is a commercially available vaccine with limited competition and a global branded market of more than USD 5 billion. Aurobindo will hold a majority stake in the JV and will fund the product development in a phased manner spanning over three years. The financial terms are subject to entering into definitive agreements.