Ipca signs an agreement with Heritage to develop, supply and market generic pharmaceutical products for US market
Heritage Pharmaceuticals Inc.(Heritage) and Ipca Laboratories Ltd. (Ipca) have entered in to a strategic alliance for the development, supply and marketing of generic pharmaceutical products for the U.S. prescription drug market.
Under the Agreement, Ipca shall develop and register selected products for U.S. ANDA submission and Heritage retains sales and marketing rights to such products. The parties shall share net profits from the sales proceeds post-launch.
Commenting on the Agreement, Heritage President & CEO, Jeffrey Glazer, Stated that this agreement with Ipca represents an important strategic partnership with an emerging, low cost developer and supplier of active ingredients and finished goods. This will Heritage to leverage its business model of strategic outsourcing to obtain a "virtually vertical" supply chain of quality generic products.
Ipca Laboratories Ltd. is a fast growing fully integrated pharmaceutical company based in Mumbai, engaged in the manufacturing and marketing of a range of pharmaceuticals with a thrust on international business. Ipca exports its Active Pharmaceutical Ingredients and Finished Dosages to over 110 countries across the globe, which contributed about 53% of the Company's total global income of $227mm in the financial year 2006-07. It has a strong focus on international business in the developed markets like Europe and North America.
Heritage Pharmaceuticals Inc. is an emerging generic pharmaceutical company engaged in the acquisition, licensing, development, marketing, sale and distribution of generic pharmaceutical products for the global prescription drug markets. Heritage launched its U.S. label in 2006 and currently markets 3 products over 10 SKU's. The Company will continue to introduce its acquired multi-source generic product line during 2007-08 following its tradition of premier quality, value and service in generics.