Strides, US hospital sign agreement for specialised injectables

EPP News Bureau - Bangalore

Strides Arcolab Limited, a leading Indian developer and manufacturer of pharmaceuticals announced an agreement whereby Strides will develop, license and manufacture four specialised injectable products to a leading US hospital company for sale in the US market.

The agreement is for an initial period of five years, renewable for additional periods of time on mutual agreement. The company further added that under this agreement, regulatory filings for these products are expected in early 2006 and the licensed products would be available in the US market in the fiscal year 2007 onwards. The transaction value over the life of the contract is estimated to be USD 90 million at the low end and USD 160 million at the upper end including milestone payments.

Arun Kumar, Strides Group CEO said ‘‘The successful conclusion of this strategic relationship will significantly increase the credibility of the Strides’ partnering philosophy.’’

Strides Arcolab Limited, listed on the Indian National Stock Exchange (NSE: STAR) and Bombay Stock Exchange has a global presence in more than 50 countries. The company has factories in India, Brazil, Mexico and USA. The company supplies to a number of geographic locations including Latin America, UK, South East Asia, Africa, Australia and Russia. The Indian manufacturing facilities for the regulated markets are approved by major regulatory bodies such as MHRA, EU, TGA and MCC.