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Strides Arcolab, U.S. firm ink 5-yr deal
By agencies
|
Wednesday, 30 March 2005, 20:30 IST
BANGALORE:Strides Arcolab Ltd has struck a five-year contract with a U.S.based firm to develop four injectable products for the United States market in a deal valued at $ 90-160 million.
The Bangalore based pharma company will develop, license and manufacture the products that will be available in the U.S. market from the financial year 2007 onwards.
Strides has been following a strategy of partnerships with foreign pharmaceutical and healthcare companies. Earlier this year, it enhanced a partnership with Australia's Mayne
The chief executive officer for the Indian operations of Strides, K R Ravishankar, said the deal would require additional manufacturing capacity, for which the company was already in the process of raising funds through foreign currency convertible bonds (FCCBs).