Pharmaceutical firm Glenmark said on Monday it had signed a supply and marketing agreement with Aspen USA for joint manufacturing and sales of three generic products in US.
The three generic solid dose formulations are in the pain management therapeutic segment and have a cumulative market size of about 44 million dollars and have limited competition, Glenmark Pharmaceuticals India said in a statement.
As per the agreement, signed by GPI's wholly owned US subsidiary, Aspen will supply the products to GPI, which will market them under the Glenmark label.
GPI would make an undisclosed initial milestone payment to Aspen for the exclusive marketing rights to the products and the two parties would share the profits on net sales in the US market, it added.
The company said it expected to launch the three products over a period of three months starting from May this year in the retail and hospital segments.
Commenting on the deal, GPI managing director and CEO Glenn Saldanha said it would provide its US operations a head start in establishing a franchise there in less competitive space of less controlled drug substances.
"It will significantly add to the six products that we curently have in the US and will go a long way in strengthening our generic presence in the US," he said.
Saldanha also said the company was expecting approvals shortly for an additional 2-4 abbreviated new drug applications the company had filed.
"We are targetting to close FY2007 with at least 18 to generics on the US market," he said.
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