Strides Pharma Science said on Friday that its step-down wholly-owned subsidiary Strides Pharma Global Pte Ltd Singapore has entered into a definitive asset transfer and licensing agreement with Pharmaceutics International Inc to acquire 18 abbreviated new drug applications (ANDAs) for the US market.
The total aggregate consideration is 6.1 million dollars payable to Pharmaceutics International towards the transferred assets. While 4 million dollars is paid upfront, the remainder is payable on achievement of the agreed milestones.
"With access to these products, Strides will significantly expand its niche offerings on its front end which has grown multi-folds to attain a quarterly revenue size of 66 million dollars," the company said in a statement.
Of the 18 products successfully developed by Pharmaceutics International, 11 are currently approved by US Food and Drug Administration while the remaining seven products are submitted and are under different stages of review.
Out of the 11 approved ANDAs, Strides is currently commercialising two ANDAs with product supply from Pharmaceutics International while the remaining approved ANDAs will be transferred to Strides' global manufacturing facilities and commercialised over the next 18 to 24 months.
Strides Pharma Science mainly operates in the regulated markets and has an 'In Africa For Africa' strategy along with an institutional business to service donor-funded markets.
The company's global manufacturing sites are located at Bengaluru, Pondicherry and Chennai in India, Singapore, Milan in Italy, Nairobi in Kenya and Florida in the United States. It focusses on 'difficult to manufacture' products that are sold in over 100 countries.
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