Bafna Pharma eyes African and European marts

Chennai-based Bafna Pharmaceuticals is eyeing African and European countries for marketing its new line of lifestyle drugs.

The company has entered into a contract manufacturing agreement  with a UK-based company, Somex Pharma, for supplying it Simvastatin tablets, a cholesterol-lowering drug.

Bafna is also planning to enter into similar tie-ups with about five other foreign  pharma companies, said Bafna Mahaveer Chand, chairman and manging director of the company, at a press meet on its forthcoming initial public offering.

Apart from  Simvastatin, the company will also manufacture 13 other drugs  for Somex. The  company intends to enter the US market after establishing itself in the European Union.

"We will set up offices in all the countries where  we market our drugs. We will enter the US market, 18 months after our foray in the UK market, " said Chand.