Israeli, Indian drug firm to develop products

A Nasdaq-listed Israeli drug company has entered into an agreement with India's JB Chemicals and Pharmaceuticals to jointly develop products to improve its competitive edge in the US and other world markets.

This "strategic arrangement" is intended to enable the Israeli company Taro Pharmaceutical Industries to utilise JB Chemicals' pharmaceutical expertise to enhance "our competitive position in the US and other countries with regard to certain products," Samuel Rubinstein, general manager, Taro, said.

The Israeli company did not disclose other details of their agreement along with the financial scope of the arrangement.

It has also steadfastly refused to provide investors with guidance. JB Chemicals and Pharmaceuticals Ltd is among India's leading global pharmaceutical companies which manufactures and markets a wide range of pharmaceutical formulations, bulk drugs and other health-related products, the release said.

Taro had signed another strategic agreement with India's Alkem Laboratories towards the end of last year.