Venus Pharma, Germany, a wholly-owned subsidiary of Venus Remedies has entered into a distribution-cum-outlicensing agreement with Mylan for marketing its generic broad-spectrum antibiotic, meropenem, in three European countries. This deal with Mylan will enable Venus Remedies to market meropenem in Denmark, Sweden and Finland for a period of five years.
“Under this non-exclusive marketing agreement, we will manufacture the drug at our Baddi facility, which recently got a renewed European Union Good Manufacturing Practices (GMP) certification, while the batch release and logistics will be handled by our Germany facility Venus Pharma. The addition of territories on the basis of strategic tie-ups with our existing partners has re-established the faith of our customers in our quality standards and timely deliveries. This joint venture will further help Venus Pharma and its collaborators in maintaining their market position to figure among the top five players with around 30 per cent share in meropenem markets in countries like Germany, France and UK,” said Ashutosh Jain, Executive Director-cum-Chief Operating Officer, Venus Pharma, Werne, Germany.
“The top line of Venus Pharma, Germany has generated $15.6 million in the last one year, thereby becoming a profit-making unit of Venus Remedies. We are pleased to join hands with Mylan and expect Venus Pharma to achieve a significant increase in turnover in the coming quarters,” said Pawan Chaudhary, Chairman and Managing Director, Venus Remedies.
EP News Bureau – Mumbai