Indoco Remedies rallied 5.28% to Rs 339 after the company announced that it has entered into a strategic partnership with Clarity Pharma, UK to launch 20 products in UK market.
Under this collaboration, Indoco will launch around 20 products in the UK over the next 18 months through Clarity Pharma, which will serve as its distributor. The company will continue to supply all the products under the existing B2B partnership to its clients.Aditi Panandikar, managing director of Indoco Remedies, said, This collaboration with Clarity Pharma is a significant milestone for Indoco, as this will further strengthen our foothold in the UK pharma market. By combining Indocos robust portfolio of high-quality, affordable pharmaceutical products with Clarity Pharmas strong distribution network and market expertise, we are poised to deliver innovative healthcare solutions to a broader patient base.
Steve Soper, CEO of Clarity Pharma, said, Today is the beginning of a truly exciting journey between Indoco and Clarity and is the result of several years hard work in putting this market access project together. The range of Indoco products is exciting and extensive and will deliver significant savings to the market once launched. We look forward to a bright future of collaboration, growth, and making a difference in the affordability of a wide range of medicines.
Clarity Pharma has over 25 years of experience in bringing products to market and now services over 4,000 primary healthcare customers.
Meanwhile, Indoco said that it has received a GST show cause notice of Rs 15.51 crore from Deputy Commissioner Malkajgiri Division Hyderabad Commercial Tax Department Telangana.
As part of the GST audit, the company has received a show cause notice under Section 73(1) in Form GST DRC-01, mentioning an excess claim of ITC. The notice requests supporting documentation for credit notes and a GSTR-9C reconciliation.
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Indoco is a fully integrated, research-oriented pharmaceutical company. The company has 11 manufacturing facilities, 7 for FDFs and 4 for APIs, supported by an R&D Centre and a CRO facility.
The pharmaceutical companys standalone net profit declined 61.40% to Rs 12.79 crore on 15.18% slide in revenue from operations to Rs 394.58 crore in Q2 FY25 over Q2 FY24.
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