Financial Daily from THE HINDU group of publications
Thursday, Mar 31, 2005
Financial Daily from THE HINDU group of publications Thursday, Mar 31, 2005 |
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Corporate
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Alliances & Joint Ventures Strides inks pact with US major for injectible drugs Our Bureau
Bangalore , March 30 STRIDES Arcolab Ltd has announced that it has entered an agreement with a US hospital major to develop, licence and manufacture four specialised injectible products. It did not divulge the name of its new - and fourth - US partner in the lucrative hospital segment. The transaction value over the five-year initial contract period is estimated between $90 million and $160 million (Rs 390-700 crore) including milestone payments. The US partner would be financing the drug development cost of Strides to that extent, according to officials of the Bangalore-based company. Regulatory filings for the four products are expected to be completed in early 2006. The licensed products would be available in the US during 2007-08. Mr Arun Kumar, CEO of the Rs 462-crore Strides group, said: "The successful conclusion of this strategic relationship will significantly increase the credibility of Strides' partnering philosophy." At the 14th AGM coming up on June 2, the company will seek shareholders' approval to delist from the Bangalore and Mangalore stock exchanges.
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