Mumbai: Pharma firm Strides Arcolab said on Monday its unit received the US FDA’s approval for a new oncology facility in Bangalore that would help the company commercialise its first product in the US after June, sending its shares up over 2%.
The new facility manufactures injectable and oral products and would be utilised to execute the licensing agreement between Strides’ unit Agila Specialities and Pfizer Inc for 40 generic products for the US market, it said in a statement.
The agreement is for 38 products across Europe, Canada, Australia, New Zealand, Japan and Korea.
Strides also has an outlicensing deal with GlaxoSmithKline to supply products for 95 emerging markets and the total market value for products under Strides’ various partnerships is about $20 billion, the statement added.
“We expect at least 5-6 approvals coming this year and the pace of approvals will improve after this facility getting the nod,” Arun Kumar, vice-chairman, Strides Arcolab, told Reuters over the phone.
“...With the new approval, we look forward to scaling up our speciality business through the launch of highly specialised products for the US market,” Venkat Iyer, chief executive, Agila Specialities, said in the statement.
At 10:03 a.m., shares of Strides Arcolab were at Rs 378.35, down 2.07% in a weak Mumbai market.