Venus Remedies jumped 8.09% to Rs 298 at 12:04 IST on BSE after the company said that its wholly owned subsidiary entered into a distribution-cum-outlicensing agreement with Mylan for marketing its generic meropenem, in 3 European countries.
The announcement was made during market hours today, 8 September 2014.
Meanwhile, the S&P BSE Sensex was up 197.17 points or 0.73% at 27,223.87.
On BSE, so far 1.28 lakh shares were traded in the counter as against average daily volume of 1.38 lakh shares in the past two weeks.
The stock hit a high of Rs 298.80 and a low of Rs 275.45 so far during the day. The stock had hit a 52-week high of Rs 350 on 28 April 2014. The stock had hit a 52-week low of Rs 179.95 on 6 September 2013.
Venus Remedies said that its wholly owned subsidiary has entered into a distribution-cum-outlicensing agreement with Mylan for marketing its generic broad-spectrum antibiotic, meropenem, in three European Countries. This deal with Mylan, the world's third largest generic drug manufacturer, will enable Venus Remedies to market meropenem in Denmark, Sweden and Finland for a period of five years, Venus Remedies said in a statement.
Under this non-exclusive marketing agreement, Venus will manufacture the drug at its Baddi facility, which recently got a renewed European Union Good Manufacturing Practices (GMP) certification, while the batch release and logistics will be handled by its Germany facility Venus Pharma GmbH. This joint venture will further help Venus Pharma GmbH and its collaborators in maintaining their market position to figure among the top five players with around 30% share in meropenem markets in countries like Germany, France and UK.
Venus already has a non-exclusive marketing tie-up with Mylan for the same product in France, where the drug has been successfully launched and is contributing to the company's top and bottom lines, Venus Remedies said in a statement.
As per IMS Health, the market size for meropenem in Denmark, Sweden and Finland is approximately euro 12.54 million, Venus Remedies said in a statement.
Venus Remedies' net profit fell 33.1% to Rs 10.25 crore on 4.6% decline in net sales to Rs 120.81 crore in Q1 June 2014 over Q1 June 2013.
Venus Remedies is a fully integrated pharmaceutical company. It manufactures products in critical care segments such as anti cancer, anti infective, neurology, skin & wound care, and pain management.
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