Mumbai: Bangalore-based generic drug maker Strides Arcolabs Ltd and the world’s largest pharma company by sales Pfizer Inc. have signed two more product partnership deals to cater to the global market. In January, the two had entered into a similar product licensing deal for another set of generic drugs. Under the new deals, announced on Friday, Strides will license and supply up to 38 generic cancer drugs to Pfizer for markets in the European Union, Canada, Australia, New Zealand, Japan and Korea, and a range of injectables for the US market.
These drugs, supplied by Strides in specific dosages, will be commercialized by Pfizer through the generic drug business it recently set up called established products business unit.
“We are excited about extending our important partnership with Strides to reach an even larger global patient population,” David Simmons, president and general manager of the established products business unit, said in a release.
Under the January agreement between Strides and Pfizer, the Indian company will deliver 40 generic drugs, which also includes some cancer therapies, for the US market.
“The new deal validates our strategic intent to be a partner of choice to Pfizer,” said Arun Kumar, vice-chairman and group chief executive officer of Strides.
Pfizer, which had last year initiated its plans to enter global generic drug markets including India, has partnered Hyderabad-based Aurobindo Pharma Ltd and Ahmedabad-based Claris Lifesciences Ltd to source cheap generic drugs from the country.
“While these product outlicensing deals (have been) negotiated at a comparatively low margin, it helps (the Indian companies) in capturing a regular business from new global markets without taking the risk of directly entering those markets,” said a pharma industry analyst working with a foreign brokerage. Strides Arcolabs shares fell 0.48% to Rs341.85 on the Bombay Stock Exchange on Friday as the benchmark equity index, the Sensex, dropped 1.57% to 16,994.60 points.