Venus Remedies has signed a deal with South Korean drug company Goodwills Co Ltd for exclusive marketing of its antibiotic drug ‘Elores'.
The deal was signed after the Companies and Intellectual Property Registration Office (CIPRO) of the Republic of South Korea granted the patent to the product, Panchkula (Haryana)-based Venus Remedies said in a statement today.
“...we are confident that our partnership with Goodwills Korea shall take our research product to its meaningful stage in South Korea. Goodwills will have exclusive marketing rights of the product till the validity of its patent in 2025,” Venus Remedies Chairman and MD Pawan Chaudhary said.
The company, however, did not disclose any financial details of the deal.
Dr. Reddy's Laboratories Limited (NYSE:RDY) (“Dr. Reddy's”), together with its subsidiaries, announces the intended public offer to acquire the issued and outstanding shares of OctoPlus N.V. (Euronext Amsterdam: OCTO) (“OctoPlus”), a service based specialty pharmaceutical company, for an offer price of € 27.39 million (cum dividend) in cash, representing 100% of the issued and outstanding ordinary shares. The offer price represents a premium of 30% over the closing price of OctoPlus as of the EoD October 19, 2012 .
Dr. Reddy's currently holds an irrevocable commitment from shareholders representing over 50% of OctoPlus's issued and outstanding shares. Further, the Executive Board and the Supervisory Board of OctoPlus have unanimously recommended the Offer to the remaining shareholders.
This deal will help expand the expertise and scientific capabilities of Dr. Reddy's.