Granules in alliance with US pharma co

HYDERABAD: Granules India Ltd and US-based Heritage Pharmaceuticals have entered into a strategic alliance for the development, supply and marketing of generic pharmaceutical products for the US prescription drug market.

Under the agreement, Granules will develop and register selected products for US ANDA (Abbreviated New Drug Application) submission and Heritage will retain exclusive sales and marketing rights to such products.

Granules will receive upfront and milestone payments and the parties will share net profits from the product sales, a company release said on Friday.

Commenting on the alliance, Granules Managing Director C Krishna Prasad said: "We are confident that Heritage will deliver the required market share to make it a mutually profitable business model".

Heritage Pharmaceuticals President and CEO Jeffrey Glazer said: "Our partnership represents another important milestone in Heritage's business model of utilising strategic outsourcing for the development and manufacturing of quality generic products".