Mumbai: Elder Pharmaceuticals Ltd. said on Monday (9 July) it had entered into an exclusive in-licensing deal with Israel’s Enzymotec to sell the latter’s cholesterol- reducing dietary supplement, CardiaBeat, in India.
CardiaBeat will be launched by September 2007 and is expected to generate revenue of nearly Rs200 million by the end of the third year, the company said in a statement.
According to the director(international) Alok Saxena “Our strategy is to bring into India through in-licensing, high-value niche drugs, which are well-accepted globally and which have a ready market in India,”.
Under the deal, Enzymotec will supply the bulk drug to Elder, which would make and sell the finished drug in India under the brand name of Lipicheck.
A study conducted by Elder pegs the size of the domestic cardio vascular drugs market at about Rs4.5-5 billion, with an annual growth rate of 18-20%.
Elder has sealed similar deals this year with US-based Cymbiotics for its pain management, diabetes, skin care and consumer health products, and with Spain’s Laboratorios Farmaceuticos for its anti-thrombotic drugs. Elder shares closed 0.5% lower at Rs432.90 in a firm Mumbai market.