Small BusinessVenus Remedies, Korean firm sign out-licensing deal
Drug firm Venus Remedies today said it has signed an out-licensing deal with a Korean firm for selling Sulbactomax drug, used in the treatment of pre or post-surgical infection and also for respiratory infections, in South Korea.
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"Korean Party has been given exclusive marketing rights for the whole life of patent. As the term of the agreement terms, the product will be supplied from Venus Baddi Unit," Venus Remedies said in a filing to the Bombay Stock Exchange.
The company has already initiated product registration process through their collaborators. Commercial supplies are expected to begin early 2011, it added.
However, the company has not disclosed the name of its Korean partner but said: "With this deal Venus Remedies will have a strong presence in South Korean Pharmaceutical market and the company is looking for more deals of the kind in the near future."
The company has also received patent for Sulbactomax from South African authorities and is scouting for partner to market the drug in the country.
Sulbactomax, an innovative product from Venus" portfolio is used in the treatment of antibiotic resistance caused during pre or post-surgical infection and also for respiratory infections.
The size of pharmaceutical market is around $14.75 billion, which is growing at the rate of 8.6 per cent per annum.