Financial Daily from THE HINDU group of publications
Wednesday, Mar 22, 2006
Mergers & Acquisitions
Marketing - IPR
Industry & Economy - Pharmaceuticals
Ranbaxy buys auto-injector patent from Senetek
Ranbaxy will make infrastructure investments such as building the required clean room suites at its facility in New Brunswick, New Jersey to house the highly automated auto-injector production line.
New Delhi , March 21
Ranbaxy Laboratories Ltd has acquired the patents, trademarks and automated manufacturing equipment of Senetek PLC's proprietary disposable auto-injector for self-administration of parenteral drugs. This has been done through the domestic pharmaceutical company's wholly owned US subsidiary, Ranbaxy Pharmaceuticals Inc (RPI).
Though the cost of the acquisition is not known, according to the agreement, Ranbaxy will make a non-refundable payment to Senetek on signing, and milestone payments would be made based on regulatory approvals and cumulative sales milestones.
A company statement said, "Initially, Ranbaxy will focus on pre-filling the auto-injector device with epinephrine (used to treat allergic reactions). Ranbaxy will also evaluate the development of other parenteral drugs including Senetek's patented erectile dysfunction drug Invicorp."
The company will make infrastructure investments such as building the required clean room suites at its facility in New Brunswick, New Jersey to house the highly automated auto-injector production line. Under the terms of the agreement, Ranbaxy will obtain regulatory approvals and market the product. Ranbaxy has also agreed to discuss the possibility of manufacturing and supplying Invicorp in the auto-injector device to Senetek's licensees.
Mr Dipak Chattaraj, Chairman of Ranbaxy Inc, the US parent of RPI, said, "Senetek's patented, modular auto-injector is ideally suited for this acute self-medication market, which is growing at over 25 per cent annually as health and educational organisations build popular awareness of these risks."
Mr Frank J. Massino, Chairman and Chief Executive Officer of Senetek, added, "Placing Senetek's auto-injector technology and equipment with a strong commercial partner committed to bringing it to market has been one of the key goals of Senetek's strategic plan. Ranbaxy is ideally suited to maximising the commercial potential of this unique technology and this transaction will further support our business plan to broaden and deepen Senetek's position in the dermatological segment with Kinetin, Zeatin and the other new compounds under development or evaluation for in-licensing."
The share price of Ranbaxy today fell by 1.24 per cent to close at Rs 397.30 on the BSE.
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