Mumbai: Mid-sized Indian drugmaker Indoco Remedies has signed a pact to make generic products sold by South Africa’s Aspen Pharmacare in Australia, a top executive of the Indian firm said on Friday.
Aspen Pharmacare in January acquired the generics business of Australia’s Sigma Pharmaceuticals for $887 million.
Indoco has begun making solid orals and injectables, which Aspen bought from Sigma, and will file for regulatory approvals in various emerging and semi-regulated markets, Aditi Kare Panandikar, whole-time director, Indoco Remedies told Reuters over the telephone.
“Our existing relationship (with Aspen) is getting strengthened with this new development,” she said.
The drugmaker already has an out-licensing pact with Aspen Pharmacare Ltd to launch six ophthalmic products in 30 countries, including South Africa and Australia.
The company also has a five-year-contract to manufacture molecules owned by Aspen.
“The deal is for existing commercialised products, which Aspen acquired from the Australian company (Sigma),” she said, adding that Indoco would file for regulatory approvals for all these products in other countries where Aspen wants to sell them.
Indoco expects to generate Rs 20-25 crore from Aspen deals in FY12, Panandikar had told Reuters in March.
“The substantial income, however, will come in the next financial year,” she said.
Indoco also has a cost- and profit-sharing partnership with Watson Pharmaceuticals to commercialise 17 sterile products in the US and expects the first approval by August 2012.
By 12:11 pm, shares of Indoco Remedies were trading down 3.2% at Rs 393.65.