Financial Daily from THE HINDU group of publications
Thursday, Dec 23, 2004
Financial Daily from THE HINDU group of publications Thursday, Dec 23, 2004 |
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Corporate
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Alliances & Joint Ventures Strides in supply pact with Australian co Our Bureau
Bangalore , Dec. 22 STRIDES Arcolab Ltd today announced that it had entered into an agreement to develop and manufacture six specialised injectible products for the Australia-based Mayne Pharma, part of the Mayne group. The Australian company would market and distribute the non-cytotoxic products in the US, according to the NSE-listed Strides. Strides will start development of the molecules during the second half of 2005-06 and expects their US launch in 2007-08 after USFDA approval. Mayne would make milestone payments to Strides. Mr Stuart James, MD and CEO, Mayne group, said the Australian company would benefit from the lower R&D and manufacturing costs in India and market these products more efficiently than if it had made them internally. "These injectible drugs require specialised development and manufacturing capabilities that would take Mayne some time and investment to develop," he added. According to Mr Arun Kumar, Strides Group CEO, the deal with Mayne was consistent with its global partnership strategy as well as its plans to be present in the US hospital segment.
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