| The development of the molecules is expected to commence early in the second half of fiscal 2005 and following the US Food and Drug Administration (US FDA) approval, it is expected to be launched in the US in 2007. Mayne will make payments to Strides based on the successful achievement of agreed development and commercial milestones. |
| "The relationship with Strides would enable Mayne to benefit from the lower research and development and manufacturing costs in India and enable Mayne to get these specialised products to market more efficiently than if the products were sourced internally. These injectable drugs require specialised development and manufacturing capabilities that would take Mayne some time and investment to develop. Strides has these competencies so we will get to market more quickly with less cost than if we had decided to proceed on our own," Stuart James, Mayne group managing director and chief executive officer, said in a media release. |
| Arun Kumar, Strides group CEO, said: "We are confident that with Mayne's strong marketing and Strides R&D and supply chain both companies could benefit significantly." |
| The deal with Strides, according to James, is in line with the group's strategy of joining hands with globally competitive supply chain and leverage its international sales and marketing capabilities for generic and specialty hospital pharmaceuticals. |
| The products generated sales in excess of Rs 1,575 crore ($ 350 million) in the US during the 12 months ended June 30, 2004. |
| Mayne group manufactures injectable and oral pharmaceuticals, diagnostic services (pathology, diagnostic imaging and medical centres), pharmacy, and health-related consumer products. |
| Strides has factories in India, Brazil, Mexico and USA and its export markets include Latin America, UK, South East Asia, Africa, Australia and Russia. |
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