Venus Remedies inks deal with South Korean co.

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.

Goodwills Co is planning to launch this product by mid-2014, post regulatory approval from Korean FDA for which the dossier is already under evaluation, the statement said.

Antibacterial market

The overall pharmaceutical market of South Korea is approximately $20 billion, growing at CAGR 6.5 per cent, out of which the antibacterial market is around $2 billion.

Elores, an antibiotic product meant for multidrug resistant infections, is designed to cater to 15 per cent of this segment (about $300 million).

The company is hopeful of capturing 15 per cent market share within three years of its launch making it over $45-million product in South Korea, it said.

Venus Remedies would supply Elores from its new manufacturing facility at Baddi in Himachal Pradesh, the statement said.