Financial Daily from THE HINDU group of publications
Tuesday, May 09, 2006
Financial Daily from THE HINDU group of publications Tuesday, May 09, 2006 |
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Corporate
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Alliances & Joint Ventures Marketing - Strategy Glenmark inks marketing pact with Aspen US Our Bureau
Mumbai , May 8 Glenmark Pharmaceuticals has inked a deal with Aspen US, in its second marketing agreement announced this month targeting the pain segment in the United States. Executed through Glenmark Pharmaceuticals Inc (GPI), the wholly-owned subsidiary of Glenmark Pharmaceuticals Ltd, the deal is a supply and marketing agreement. It covers the joint manufacturing and marketing of three generic controlled-substance pharmaceutical products for the US market, a Glenmark note said. The solid-dose medicines target the pain management segment and have a cumulative market size of about $44 million, the company said. Earlier this month, Glenmark tied-up with Lehigh Valley Technologies (LVT) Inc to make and market two liquid generic pharmaceutical products, with a cumulative market-size of $46 million in the US. In the latest agreement, Aspen will supply products to GPI, which will market them under the Glenmark label. Glenmark expects to launch these products over a three-month period starting May 2006. Glenmark will pay out an initial milestone to Aspen in order to get exclusive marketing rights to the products, which will be sold across retail as well as hospital segments. The two parties will share the profits on net sales in the US market, the note said. According to Mr Glenn Saldanha, Managing Director and Chief Executive Officer of Glenmark Pharmaceuticals, "Our deal with Aspen along with the recent deal with LVT will provide our US operations a head-start in establishing a US franchise in the less competitive space of controlled drug substances. It will also significantly add to the six products that we currently have in market and will go a long way in strengthening our generics presence in the US. We are also expecting approvals for an additional 2-4 ANDAs (Abbreviated New Drug Applications) filed by Glenmark shortly and are targeting to close FY 2007 with at least 18-24 generics on the US market." Glenmark shares were up 9.28 per cent at Rs 371.65 on the BSE.
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