Drug firm Lupin today said it has entered into an agreement with Sanofi-Aventis for a marketing and distribution of the latter's global brands Solian and Stilnox, used for treating central nervous system disorders, in the Philippines.
The agreement has been signed between Lupin's Philippines unit, Multicare Pharmaceuticals and Sanofi-Aventis Philippines, the company said in a statement.
"The agreement will enable Sanofi-Aventis to capitalise on Multicare's CNS (central nervous system) marketing reach and expertise. Multicare will focus on bringing these brands into a higher growth path," Lupin said.
According to IMS data the annual sales revenues of both the brands in the Philippines are valued at PHP 138 million, it added.
While Solian is the third largest selling atypical anti-psychotic agent in the Philippines, Stilnox is the second largest selling drug for insomnia and sleep disorders in the country, it said.
Solian and Stilnox will be marketed by Multicare's dedicated CNS business unit. A 15-member sales force will look after the marketing of the two drugs, the company said.
Commenting on the development Lupin President AAMLA and Business Development Vinod Dhawan said: "Since the brands are in-market, commercial products, our sales and marketing efforts will commence immediately and we are optimistic of it contributing positively to our topline in the coming years."
The company is hopeful of generating $3-5 million over the next 12-16 months due to this arrangement, Dhawan added.
Multicare has four key strategic business units focused on women health, pediatrics, respiratory, gastro intestinal, diabetes care and CNS and reported sales of PHP (Philippino peso) 480 million for the last fiscal.
"We are delighted with this opportunity to expand our portfolio and market Sanofi's leading brands, Solian and Stilnox.
"This coupled with our current CNS range and other differentiated products in our pipeline will propel us to emerge as a leading CNS player in the country," Multicare President Romey Sy said.
Shares of Lupin were trading at Rs 467.95 on the Bombay Stock Exchange in the late afternoon trade, up 4% from previous close.